FCPO closed : 3029, changed : -62 points, volume : lower.
Bollinger band reading : pullback correction upside biased.
MACD Histogram : turned downward, buyer lock in profit.
Support : 3020, 2970, 2950, 2920 level.
Resistance : 3050, 3070, 3100, 3150 level.
Comment :
FCPO closed recorded more than 1.5% loss with reducing volume traded. Soy oil currently trading weaker after overnight closed lower while crude oil price also pullback lower after recent rallies.
The recent more than 250 points rally face profit taking activities today pressured price to fall lower after Japan lowered economy growth for this year amid global slowdown will weaken demand.
Daily chart reading wise, market continue to have 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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