FCPO ANALYSIS 23.02.2024

MYX_DLY:FCPOK2024   Crude Palm Oil Futures
1) The structure forms a new lower low, indicating downward pressure in the current trend.

2) There's a breakout from the support trendline which is likely to turn into resistance.

3) Price movement is expected to rise towards the Fibonacci retracement area between 50-61.8% before further decline.

4) The boxed area is marked as a confluence zone encompassing the upper trendline, the trendline-turned-resistance, and the Fibonacci retracement area of 50-61.8%.

5) The significance of the Fibonacci 50% level in price reactions, particularly in commodity contexts.


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