Bollinger band reading : side way range bound.
MACD Histogram : falling, seller taking exposure.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded substantial losses for the 2nd day with better volume changed hand. Soy oil currently trading weaker after overnight closed recorded loss while crude oil price currently pulling back lower after yesterday gains.
Declining exports and gloomy China and the U.S. economy outlook raised concern on slowing down demand will continue to take place for a longer period sent FCPO price lower by more than 100 points in 2 days despite higher crude oil price and dry weather development across U.S. supporting soy oil prices.
Technical chart study adjusted to calling a side way range bound market development with immediate resistance at middle Bollinger band level and MACD indicator having negative crossed down.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.
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