Palm oil extended losses and closed at 5454 with long black formed which indicates bearish signal.
While Stochastic K% line both weekly and daily chart remained crossing down indicates downtrend signal.
However, please take note that stochastic K% line in daily chart landed at oversold level as well as candlestick landed at the of Exponential Moving Average 200...
After a few bearish days, I turn to the larger timeframe for a larger picture of the price / trend .
Bearish move this week crossed the Weekly trendline with strong momentum.
I see price continue moving slowly in the next few weeks before another bearish run towards the 4500 level.
Consider this as the leg 1 of its bearish move, it created a lower low. And...
Support seems broken as the bears are gaining strength.
Daily chart seems to have a strong bearish momentum that breaking into the Reversal Zone1 & 2.
Zone 2 is the stronger 1, if broken, price seems moving downwards towards -61.8% of the daily Fibonacci retracement range.
There will be a short opportunity if the bulls fade again as second confirmation, in...
There might be a short bullish run as price reaches reversal zone and Weekly trendline.
Current momentum shows some fading of bearish momentum.
Short-term bulls may run for a while before the bearish momentum can push - broke through the reversal zone.
Analysis:
Weekly price closed @ RM6,353PMT (-180) Price move in larger range; went up towards the dotted trendline in the daily time frame and closing on Friday downwards.
Indicators: -
Value Chart: neutral
EMA-13 Line: neutral
RSI: neutral
Weekly candle (see pg.2): Price showing a stronger bearish momentum as Friday closing price went down sharply.
Next Week:...
this is haidojo and the number is 327 ...
Juz a brief update...2 gartleys in the view...
1st one, possible reversal at 6310...counter-trend trade, cannot hold too long...
2nd gartley, possible reversal at 6080...another counter-trend trade, same issue...cannot hold too long...(this is what I probably would do, no indicator of buy/sell, trade on your own...
Technical View:
market closed slightly higher after tighter range move with pin bar formed, which indicates market remained cautious on palm oil outlook
While Stochastic K% line shows mixed signals, Daily chart showed K% line crossed up which indicates uptrend signal, but weekly chart remained in uncertain level at 47.58.
We expect market likely to move higher...
this is haidojo and the number is 325 ...
For the first half of the May, price moved in downtrend until it hit bottom at 5925 on 19th May22. After that, it made a series of jagged uptrend and here we are...at the crossroad of 6400, going down we see some cushion of support at 6310, and 6080../higher level we could expect some resistance near 6650, 7080...
As for...
Short term momentum bearish building.
Short-term trade may work till around 6300 level.
Disclaimer:
This report is for information purpose only. Technical Analysis tools used may be different on case by case basis depends on price movement and overall structure. kkgoh not be liable for any trade decision, special, indirect, incidental or consequential damages,...
Deep commodity cycles analysis comparing the performance of crude oil and palm oil. In the last 17 years, there were periods where increase in fuel commodities drives future output prices of palm oil(although there could be other macro factors not discussed here). Current palm oil prices rally performance is the most stellar with over 270% increase in price from...
Technical View:
Market closed higher after reversed earlier session gains and formed bearish pin bar which indicates strong selling force in the market
However, Stochastic K% line shows market trend uncertain with K% moving at 55 and 47 level in daily and weekly charts respectively.
We expect market likely to move lower with immediate resistance level at...
A double top is a reversal pattern that is formed after there is an extended move up. The “tops” are peaks that are formed when the price hits a certain level that can’t be broken. After hitting this level, the price will bounce off it slightly, but then return back to test the level again.
Entry order & position to take
With the double top, we would place...
Technical View:
1.Market extended losses after tighter range with doji formed
2.Stochastic K% line having mixed signal as weekly chart showed K% line crossing down indicates sell signal, while daily chart crossing up at oversold level which indicates buy signal.
We expect market will bounce before continue its downtrend with immediate support level at...
The market has taken a turn to a risk off scenario. When on spot without the capability to short, the most logical move is a rotation towards the most Risk-Off asset there is Agriculture. Under normal conditions gains in this area would be meagre at best. However, as producing countries face civil unrest due to rising inflations, we are seeing an increase in...
