Drone attack on Saudi's oil production had caused market made gap-up on Monday.
500pts gap up is big, and change the landscape on the environment into Bullish for now.
On weekly chart, it turns to bullish for now.
I'll be focusing on Bullish on lower time frame and try to avoid bearish setup at the moment.
Wish me luck. Amin.
CPO meets immediate resistance and turning down back for correction after strong move up.
Maybe, it's going to move southward some more, before resume its motive move to the 2400 area. This is my humble opinion. Maybe right, maybe wrong.
It is just my observation.
The pattern is yet to complete.
However, looking at round numbers, 2150 has been tested so many times without successfully penetrated. MAYBE 2200 will be tested one more time, and if successful, will cause the price to move higher.
Otherwise, adjust your SL accordingly.
The chart showing more evidence towards BEARISHNESS.
Coupled with unfavorable market situation right now ( Crude Oil & SoyBean Oil),
the possibility of price going down and down is there.
Lets see where it will goes from here until end of month.
Price rebound after hitting low of 2137 (failed breakout) from previous low 2140.
Expect some more upward movement before continue motive move to south.
For now, I'll be waiting until it arrives to the AREA (LOCATION / WHERE) and See what is happening at that area.
Try to adopt - WHERE (LOCATION) and WHY (Trigger entry). I still learning of WHEN.
Expect the 3rd...
Potential to make another peak towards confluence area (2325-2350).
Sell at Supply Confluence Area.
Buy at Demand Confluence Area.
Where & When.
Where - Location
When - Using your own entry trigger criteria.