Palm oil extended losses and closed at 5454 with long black formed which indicates bearish signal.
While Stochastic K% line both weekly and daily chart remained crossing down indicates downtrend signal.
However, please take note that stochastic K% line in daily chart landed at oversold level as well as candlestick landed at the of Exponential Moving Average 200 (EMA 200), which indicates market likely to have technical rebound.
We expect market likely to bounce before move lower with immediate resistance level at 5700.
Suggestion Trade:
Short if stay below 5400
Target Stop Loss (resistance level) 5600
Target Profit level (support level)
TP1 5200 TP2 4800
Long if stay above 5900
Target Stop Loss (support level) 5700
Target Profit level (resistance level)
TP1 6100 TP2 6500
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
While Stochastic K% line both weekly and daily chart remained crossing down indicates downtrend signal.
However, please take note that stochastic K% line in daily chart landed at oversold level as well as candlestick landed at the of Exponential Moving Average 200 (EMA 200), which indicates market likely to have technical rebound.
We expect market likely to bounce before move lower with immediate resistance level at 5700.
Suggestion Trade:
Short if stay below 5400
Target Stop Loss (resistance level) 5600
Target Profit level (support level)
TP1 5200 TP2 4800
Long if stay above 5900
Target Stop Loss (support level) 5700
Target Profit level (resistance level)
TP1 6100 TP2 6500
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.