As we could observed, FCPO for the last contract hit new ATH. However this week, June contract closed with Dark Cloud Cover candle, sharply at Fibonacci resistance 4.236 coincides with negative divergence seen on slow RSI. The price has violated a tentative uptrend line on Daily view, hence there could be chances for the price to work below this level for a certain period of time to neutralize the overbought condition.
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Disclaimer: Our content is intended to be used and must be used for technical analysis education purposes only.
