20120724 1731 FCPO EOD Daily Chart Study. (Last Look before closed)

FCPO last looked : 2912, changed : -78 points, volume : higher.
Bollinger band reading : side way range bound little downside biased.
MACD Histogram : falling, seller in advantage.
Support : 2970, 2950, 2920, 2900, 2850, 2800, 2770 level.
Resistance : 2920, 2950, 2970, 3020, 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed plunged lower again with increasing volume transacted. Soy oil currently falling more than 2% after overnight recorded more than 1% loss while crude oil price currently rebounding upward after yesterday severe falls.
Slower exports concern and U.S. rain forecasts report sent FCPO hitting 5 week low ahead of tomorrow export data.
Daily technical chart study revised to calling a downside biased market development with possible pullback correction.
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.