Bollinger band reading : pullback correction upside biased.
MACD Histogram : turned downward, buyer taking profit.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed lower with declined volume transacted. Soy oil currently registering loss by more than 1.5% after overnight resume trading and surged up by 2.3% while crude oil price currently plunging lower after overnight climb.
Price hit new 5 weeks high before make a u turned falling lower into negative territory as traders decided to lock in profit after recent rallies ahead of the weekend reducing exposure with broad commodities trading lower due to stronger U.S. dollar(Euro weaker after ECB interest rate cut).
Technical daily chart analysis revised to calling a pullback correcyion upside biased market development.
When to buy : buy at support or weakness with larger cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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