Bollinger band reading : pullback correction little downside biased.
MACD Histogram : recovering, seller reducing exposure.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded loss with better volume exchanged. Soy oil currently trading lower after overnight closed firmer while crude oil price currently trading little higher moving sideways.
Relatively weaker export data released by 2 cargo surveyors pressed price lower amid sign of slowing down demand with seasonal picking up production in coming months.
Technical chart reading still calling a pullback correction 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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