Week 37: 07 to 11 September 2020 FCPOX 2020 analysis
Last week the price broke the resistance level, however it was not a clean break. It means, it was not really a sign to be bullish yet. We are anticipating two possibilities: The key to observe is RM 2,740 - 2,750, we will see the behaviour of Price Action in this area.
(1) If the price bounce at RM 2,745 area, then it is a good sign to look for a BUY. (2) If the price is back inside the previous consolidation zone, we can be sure that the past 2-3 days are just a False Breakout. We will sell the whole-nine-yard when it happens.
That's why I recommend if we just sit tight and watch first, for now (Monday), no clear direction.
Disclaimer: The analysis above for educational purposes only, I do not responsible for your losses. Please adjust your own lot sizing according to your appetite. If you are benefiting from my trade opinion, please buy me coffee . As always, move your SL when you are in the profit zone.