Bollinger band reading : pullback correction downside biased.
MACD Histogram : rising higher, buyer testing market.
Support : 2920, 2900, 2880, 2840 level.
Resistance : 2950, 2970, 3020, 3050 level.
Comment :
FCPO closed recorded gains with better volume transacted. Soy oil currently trading little lower after overnight closed recorded gain while crude oil price currently retreating little lower after overnight advance.
Yesterday improving exports data by 2 cargo surveyors, India trade body reported better than survey refined palm oil imports and news on cooler U.S. Midwest weather still not enough to restore grains harvest back to normal level factors resulted price to recover higher after recent falls.
Daily chart wise, FCPO price is likely to trade in pullback correction phase within a downside biased market development with MACD indicator having positive crossed up.
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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