FCPO closed : 2351, changed : +96 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histogram : turned upward, seller taking profit.
Support : 2350, 2300, 2250, 2230 level.
Resistance : 2400, 2450, 2490, 2520 level.
Comment :
FCPO closed higher having technical rebound with lesser volume transacted. Soy oil currently trading weaker after overnight closed recorded nearly 1% loss while crude oil price trading lower.
Price pullback higher as seller profit taking activities kicks in after plunging down to 3 years low triggered long liquidation. While slower global demand, higher palm oil inventories level concerns, better soybean crops fundamental factors remains.
Chart wise, FCPO daily chart study suggesting a pullback correction downside 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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