Technical View:
Palm oil downtrend paused after tighter range move and inside bar formed, which indicates a reversal signal.
Stochastic K% line showed mixed signals, as in daily chart, K% crossed down which indicates sell signal, while in weekly chart, K% line near to oversold level but K% remains crossed down which indicates market likely to further down before we have technical rebound.
We expect market likely to continue decline with immediate support level at 4400.
Suggestion Trade:
Short if stay below 4550
Target Stop Loss (resistance level) 4758
Target Profit level (support level)
TP1 4342 TP2 3926
Long if stay above 5045
Target Stop Loss (support level) 4837
Target Profit level (resistance level)
TP1 5253 TP2 5669
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **
Palm oil downtrend paused after tighter range move and inside bar formed, which indicates a reversal signal.
Stochastic K% line showed mixed signals, as in daily chart, K% crossed down which indicates sell signal, while in weekly chart, K% line near to oversold level but K% remains crossed down which indicates market likely to further down before we have technical rebound.
We expect market likely to continue decline with immediate support level at 4400.
Suggestion Trade:
Short if stay below 4550
Target Stop Loss (resistance level) 4758
Target Profit level (support level)
TP1 4342 TP2 3926
Long if stay above 5045
Target Stop Loss (support level) 4837
Target Profit level (resistance level)
TP1 5253 TP2 5669
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **