Bollinger band reading : pullback correction upside biased.
MACD Histogram : weakening, buyer closing position.
Support : 2970, 2950, 2920, 2900 level.
Resistance : 3020, 3050, 3070, 3100 level.
Comment :
FCPO plunged lower by more than 2% with slower volume transacted. Soy oil currently trading lower after overnight rise nearly 2% while crude oil trading weaker after yesterday downward correction.
Long liquidation activities sent price lower on global economy slowdown concern and after Reuters survey shows rising inventories level.
Daily chart study adjusted to calling a pullback correction upside biased market development possibly testing support near middle Bollinger band.
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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