machintose

FCPOX2020 Bullish exhaustion

Short
MYX:FCPOX2020   CRUDE PALM OIL-RINGGIT FUTURES
Week 30 (20th to 24th July 2020)
Futures code: FCPOX 2020

This is my first post analysing CPO Futures and I will try to make it a weekly post.
Historically 2650 is a good Resistance level to watch and in the past 3 days CPO prices were failed to breached through. RSI Stoch also is starting to bend down, along with a slowing down in Bullish momentum.

If you are an aggressive trader, you can start Shorting FCPOX 2020 at 2650 (Sell Limit), alternatively if you are a confirmation trader, you can wait whether today's price will be closed as a bearish candle.

This week trade call:
Entry at 2650 (either at market or Sell Limit)
Stop Loss at 2690
Take Profit at 2505
Optimal Take Profit at 2450
RR ratio, at least 1:3

Always secure your profit by moving your Stop Loss at Entry Point after the price is moving towards your profit zone.

Good Luck.