Bollinger band reading : side way range bound.
MACD Histogram : falling, seller taking position.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded substantial loss with better volume exchanged. Soy oil currently trading lower by more than 1.5% after last Friday closed marginally lower while crude oil price currently plunge significantly lower after recent rallies.
FCPO price drops to 3 week low after news on slower 3rd quarter China GDP forecast and persisting European region crisis raised worries on the already slowing down demand concern.
Daily chart analysis adjusted to suggesting a side way range bound little downside biased market development.
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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