Will CPO Downtrend Stop at 4400? - FCPO Weekly Market Analysis -
Palm oil extended losses and closed at 4664. Daily chart broken EMA200 line which indicates market closed in bear market territory.
While Stochastic K% line showed mixed signals, as in weekly chart market remains in selling signal while in daily chart, K% line crossing up at oversold level which indicates market likely to have technical rebound.
We expect market likely to bounce with immediate support level at 4400.
Suggestion Trade:
Short if stay below 4600
Target Stop Loss (resistance level) 4813
Target Profit level (support level)
TP1 4387 TP2 3961
Long if stay above 5150
Target Stop Loss (support level) 4937
Target Profit level (resistance level)
TP1 5363 TP2 5789
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
While Stochastic K% line showed mixed signals, as in weekly chart market remains in selling signal while in daily chart, K% line crossing up at oversold level which indicates market likely to have technical rebound.
We expect market likely to bounce with immediate support level at 4400.
Suggestion Trade:
Short if stay below 4600
Target Stop Loss (resistance level) 4813
Target Profit level (support level)
TP1 4387 TP2 3961
Long if stay above 5150
Target Stop Loss (support level) 4937
Target Profit level (resistance level)
TP1 5363 TP2 5789
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.