Bollinger band reading : pullback correction upside biased.
MACD Histogram : weakening, buyer taking profit.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO closed recorded gains with reduced volume traded. Soy oil price currently having downward correction after overnight closed recorded advanced more than 1.5% while crude oil price moving side ways range bound.
Price recovered today on overnight soy oil surged due to bad weather factor while market await Monday export data, however gains were limited on weak global economy concern.
Still, FCPO technical chart study continue to show a pullback correction 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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