happytrading96

Palm Oil Breaking Ranging level 4700-5220?

Short
MYX:FCPO1!   CRUDE PALM OIL-RINGGIT FUTURES
Palm Oil market has been ranging for the past few weeks:

Reasons behind as below:
1. Rising in new COVID-19 cases in Europe (- export demand= price drop)
2. Weakness in Crude Oil and Soybean Oil (- demand= price drop)
3. Weather concerns (- supply = price up)
4. Labor shortage (- supply = price up)
5. RM weakening (+ demand = price up)

Technical View:
1. Strong resistance level at 5000
2. Stochastic at Overbought level, K% & D% line cross down (Sell sign)

Suggestion Trade:
Short
Stop Loss ( Resistance level ) 5220
Target Profit ( Support level ) 4650, 4500, 4385-4400

Happy Trading!! Cheers.

** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK