Bollinger band reading : downside biased.
MACD Histogram : resume falling, seller testing market again.
Support : 2900, 2850, 2800, 2770 level.
Resistance : 2920, 2950, 2970, 3020 level.
Comment :
FCPO closed weaker with better volume exchanged. Soy oil currently rebounding recovering big portion of yesterday more than 1% loss while crude oil price currently registering small gain after overnight climb.
Price traded lower on news of partial rains in America soybean planting area and trader stay cautions ahead of July Reuters polls and official data with the anticipation of slower exports and higher production and inventory levels.
Daily chart wise, technical reading revised to calling a downside biased market development possibly testing previous low support level near 2880.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with moderate cut loss and profit target.
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