Global Production data/news
• Chicago Board of Trade grain and soybean futures strengthened on Wednesday as weakness in the U.S. dollar raised hopes for improved export demand for American crops.(Reuters)
• WTI crude futures rose above $87 per barrel on Wednesday, extending gain in the previous session as a weaker dollar boosted the appeal of greenback-priced commodities even after government data pointed to a large build in US crude stockpiles.
• DOW Continue to rise in the middle of earning season and the expectation of soft US data this week signaling that aggressive monetary tightening in recent months is already impacting the economy.
Remarks
• FCPO daily chart still consolidating near the 100EMA and weekly resistance zone.
• 1H chart consolidation zone still in effect since last week and triangle pattern created shows uncertainty in price direction.
• Price rebound from 50MA in 1H chart. Indicating buyer still around to support.
Short Term Trend : Sideways
Trading Plan.
• Long –
o Price maintains supported above 1H Resistance zone. If price gap up, safer to wait for small retracement. TP1: 4250 TP2: 4300 SL:4170.
o Price unable to breakdown and rejection on the 1H Support zone. TP1:4155 SL:4050
• Short - breakdown 1H Resistance zone, TP1: 4100, TP2:4060 SL:4190
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.
• Chicago Board of Trade grain and soybean futures strengthened on Wednesday as weakness in the U.S. dollar raised hopes for improved export demand for American crops.(Reuters)
• WTI crude futures rose above $87 per barrel on Wednesday, extending gain in the previous session as a weaker dollar boosted the appeal of greenback-priced commodities even after government data pointed to a large build in US crude stockpiles.
• DOW Continue to rise in the middle of earning season and the expectation of soft US data this week signaling that aggressive monetary tightening in recent months is already impacting the economy.
Remarks
• FCPO daily chart still consolidating near the 100EMA and weekly resistance zone.
• 1H chart consolidation zone still in effect since last week and triangle pattern created shows uncertainty in price direction.
• Price rebound from 50MA in 1H chart. Indicating buyer still around to support.
Short Term Trend : Sideways
Trading Plan.
• Long –
o Price maintains supported above 1H Resistance zone. If price gap up, safer to wait for small retracement. TP1: 4250 TP2: 4300 SL:4170.
o Price unable to breakdown and rejection on the 1H Support zone. TP1:4155 SL:4050
• Short - breakdown 1H Resistance zone, TP1: 4100, TP2:4060 SL:4190
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.
Trade active:
Sign of head and shoulder in 15 minutes and double top in 1H. potential to turn short
Trade closed: target reached:
Short TP reach next day