FCPO is in down trend. Price rebound from strong support and hit Fib 0.382. Opening price is lower then previous day. If price closes lower it may resume to down trend. If price goes higher, it may hit Fib 0.618 and resume down trend. Fundamentally, CPO stock is high with increased production. The recent price hike is partly due to Malaysian B10 mandate. However...
Head & shoulder formation and a break of the headline (green colour) is spotted in long term daily candlestick chart of the FCPO active month. Price is capable of venturing down to long term support at around 1989.
Bullish reversal pin bar at daily support level (grey) with stoch below 30 suggest rebound signal. However it does not signal reversal of trend. Even if the market is to go down further, the recent steep sell down also indicate probability to rebound to the up trend line (black) before it will down further.
