From a technical standpoint, prices have consolidated into a bull flag consolidation pattern since 14 March, breaking out of the flag resistance (orange trend channel) yesterday, albeit with normal volume. This localised breakout coupled with the breakout of the long-term parabolic bowl accumulation pattern at 4,150, a pattern forming since July 2023, signalled a...
Since our last analysis of Soybean Oil, the commodity has completed its head and shoulders pattern, now trading at the resistance formed by the previous neckline. Concurrently, we observe an RSI divergence, where the RSI prints lower highs while the prices chart higher highs. This divergence is generally viewed as a bearish indicator, hinting at possible price...
Jumping straight into the technicals, we see a head and shoulder pattern on the daily Soybean Oil chart. With the neckline now broken, it seems a bearish set-up might be possible. While the technicals are important, understanding where the current price level of soybean oil is in context to other products could help us build further conviction on this idea....
1)On Charts : Charts consist of 3-Dimensions - The X-factor ( Time or Cycle ), The Y- factor ( Price Geometry ), AND The Z-factor ( The Speed ).. 2)On Elliot Wave / Market Structure : Unlike Textbook written rule : ALL Impulsive wave comprise of ONLY a-b-c sub-waves NOT 1,2,3,4,5 waves.. AND there is NO Truncated 5th wave BUT ONLY wrong wave counts... Disclaimer
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...
1. Did a short trade on FCPO as the signs point to downtrend. 2. Price doesn't agree to downward movement as the upbars vol. is higher. 3. We flatten the trade at 5 points cut loss. 4. We then observe the chart and price seems to be moving higher; we have entered Long and will update whether we have achieve target or exit with loss.
Crude Palm oil May 2022 Buy limit at supply zone 6204, and support line 5960 Stoploss: 5726 Take profit: 6915
Maintain sideways view, price continued rallying on weak volume, reached prev R@ 406x-418x area. Expect some retracement upon violating steep UTL, price may find support near S zone. Major S&R zone R1: 406x-418x Major R2: ~4.4k S1: 366x-386x Major S2: 3.2-3.4k Looking for swing long on retrace. Maintaining longer holding period positions lately due to lack...
FCPO, WAVE 3 COMPLETE? TRADING CONTRACT: SEPT(U) 2021 KEY LEVEL = 3978 CRITICAL LEVEL = 3499 10.06.2021 Trading below 3978 would signal us that wave 3 is complete. If wave 3 topped, expecting a for sharp correction of wave 4 toward 38.2% area. As for today, we will monitor 3978 key level, trading above this level will cancel the idea that wave 3 is in place....
FCPO AUG 2021 Quick update on my trading setup for FCPO Aug 21 contract. We found a recognizable pattern on chart, Expended Flat wave 4. Looking for short selling opportunity with impusle movement of wave C. Validation level for this idea is the extreme top or previous higher high, breaking this level, will go with diagonal triangle idea.
CPO: Weekly & Daily Up-Channel top reached last week. 🚀✅ Coupled with slight momentum weakness on Hourly, suggesting an overdue retracement might finally take place. In case of continued bullish momentum, mainly driven by macro reasons, look to R1: ~4.6k, R2: ~4.8k Else, price may find support at S1, prev ATH, or UTL1. ❇️April11 Long Call hit R1, next will be...
200ticks sideways range over the past week or two. Daily & Hourly strong support: 382x-8x zone still holding, likely to see higher moves from here. Watch R: 408x, 414x, then HH-419x ❇️ April11 Long Call still intact, haven't priced in the contract change. ❇️ On retest 419x HH, will again stand above Monthly strong R as below. Happy Hunting! ⭐️🚀 -JK-
FCPO just completed corrective wave ABC which A=C What's direction on next? since first breakout just done ! Is all about elliott wave analysis ✅ naked chart analysis, ❌ indicator (Disclaimer: for demonstrate own planned trade records study only and education purpose, not for recommend to buy or sell. Trade at your own risk)
Price of FCPO supported in the rising channel as well as a harmonic pattern formed in a shorter timeframe may provide a trading opportunity for a price target of 3891 & 3955 or even higher.
🔅Fed continue with USD printing, US 10yr bond yield consistently rising touching 1.7-1.8%, US Stocks pumped by stimulus money... 🔅Across-the-board commodity spike especially food & grains... 🔅USD Index continue rising despite excessive printing, suppressing EM markets currencies (including our MYR)... 🌐These are all MACRO reasons why CPO will see higher...
💡Q1 Call to ATH in progress... 💡Mid-term CPO Bull Cycle wave counts in progress... ❇️ Holding Long's, aiming ATH, then new ATH. ⭐️ Fundamentals: US Fed excessive money printing > MYR continue weakening > Rising inflationary pressure > Spike in Food/Agricultural Commodities > CPO Bull Cycle
Sideways-Up bias before the eventual Longterm upside breakout to 4k & beyond, commodities are seeing across-the-board rise on hyper-inflationary risk, thanks to massive money printing. CPO price bounced off major S @ ~3200, subsequently reach R1-R3 upside mentioned in previous post. Expect further consolidation near wide range top (3500-3800) region, potential...
CPO price consolidated past 1-2weeks, supported above UTL & major EMA , bulls took back control by end-Jan. Staying >320x-2x support will see price attempt to regain 3500 & 3600 resistance levels. Expect volatile sideways-up situation for coming 1,2weeks till market resume after CNY 🧧🏮 🔔 Overhead Resistance: 344x-9x, 354x-8x ❇️❇️Longterm Outlook: R2 tested,...