Bollinger band reading : pullback correction upside biased.
MACD Histogram : rising higher, buyer in control.
Support : 3050, 3020, 2970, 2950 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed slipped little lower with declined volume transacted. Soy oil currently pulling back lower after overnight advanced higher by more than 1% while crude oil price continue to trade firmer after yesterday rallied.
Price sliding downward after testing 1 month high near 3100 on profit taking activities after recent more than 250 points surged within 5 trading days. Market will be watching closely on export and crop damaging U.S. dry weather development.
Daily chart wise, market is currently having pullback correction within an upside 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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