Week 38: 14 to 18 September 2020 FCPOX 2020 analysis
Last week the prices were consolidating in a wedge, it is similar to the Bullish Flag pattern. Therefore today's price was open higher and creating a price gap rather wide.
The level to watch is MYR 2,892 If this price level is broken, the price will go higher. However, if it fails to break, then we are anticipating a Double Top formation with an immediate Take Profit at MYR 2,811. The overall outlook is still bullish unless the price comes down to MYR 2,725, then we can say that the price is changing its direction. For today we are still neutral until we see a confirmation sign.
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.