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ArifHasbollah
Feb 14, 2023 2:28 AM

FCPO 14 Feb 2023 : Price breach downtrend channel? 

Crude Palm Oil Futures (Apr 2023)MYX

Description

1. Channel/Trendline: Yesterday price retest and reject mid-channel before going up to test the upper channel. This indicates strong buyers in the market because not allow prices to go lower channel.
2. SnR: Price plays in the support zone area and is still not decided yet on the direction.
3. Fibo: Price rejects 236 fibo level indicates sideway market still in play. The price might go lower to the 786 level if not able to breach and sustain above the 236 level.
4. MACD: There is no interesting divergence yet. We only see green divergence indicating uptrend movement in play.

Comment

5min
1. EMA12 above EMA50 = Uptrend
2. Price able to break the nearest resistance = Uptrend

Trade active

1min Re-entry BUY chance

Comment

1min
Entry buy confirmation

Comment

1min
Re-entry opportunities when MACD change to red

Comment

Possible uptrend channel

Comment

5min possible TP top channel

Comment

Test EMA50 5min.
See if there is any confirmation entry

Comment

Confirmation entry
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