Bollinger band reading : pullback correction upside biased.
MACD Histogram : weakenning, buyer taking profit.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
FCPO closed recorded loss with better volume distibuted. Soy oil currently retreat little lower after overnight rallied higher by more than 2% while crude oil price currently trading lower.
Price retreated today probably due to ITS cargo surveyor reported surprisingly bigger dropped in exports for the period of 1~10 July, another cargo surveyor SGS data have yet to announce. Jun official data release seem looks postive biased with lower production, inventories level plus improving exports.
From daily chart point of view, market still having a pullback correction within an 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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