HAIDOJO_trading

FCPO TRADING : 297) to the peak again

Long
MYX:FCPO1!   CRUDE PALM OIL-RINGGIT FUTURES
this is haidojo and the number is 297 ...

Yesterday, another test to the peak at 4476-4525 since the July trial. This level was seen in mid-May this year. IF this level is broken and new high is created, THEN this new high is unprecedented and it has never been reached b4. This is where I call it as the "no man land" region. \
Yesterday, new level is breached at 4548, but it closed slightly lower at 4505 bcox of profit taking. This formed an "inverted hammer" in hourly candlestick pattern. Unknown to what is going to happen today, I guess we have reached the top. Why?
Yesterday, fcpo-Oct gap up 100-pts and went up another 250pts! That is one of the sign that the momentum of the bull has reached its peak. It has already given out all its strength. So, look at what will happen today (12th Aug 2021).
2nd reason is, fcpo-aug is going to expire tomoro. Next Monday, on 16th Aug 2021, new active third month fcpo-Nov will emerge.
However, for the bull supporters, it is not all gloom and doom. RSI of the hourly and daily chart are not at "overbought" region yet. SO, there is still chance to create new structure high. See how it plays out today. I need to post now or else, ppl will claim me "cheating", for seeing the results first and typed this thing later. HahA.

that's all for tdy ...if u are frm malaysia, be safe, stay at home...

*plan your trade and trade your plan... gud luck*

immediate resistance : 4476-4525(the record high)

immediate support : 4400-4300

lower support : 4187-4190

WARNING!
RISK DISCLAIMER
: this is juz a trading idea...trading stocks, futures or forex might incur a huge risk to your account/funds…DON’T LOSE MONEY THAT YOU CANNOT AFFORD…any idea(s) of trading in this episode SHALL NOT be regarded as a hint of BUYING or SELLING. It is MERELY a trading journal and it has been used for educational purpose only… trade at your own risk!
Comment: it is fcpo-oct that is going to expire soon, not fcpo-aug. It is going to expire next Monday, today is the last day trading, not yesterday.