Technicals Major S: 3.6-3.7k (nearest support) ; 3.2-3.4k (prev consolidation range) Major R: 3.8-3.9k ; 4-4.2k ; 4.4k (ATH) ; 4.8k (Weekly breakout projection) 👇🏻 Prev idea on potential CPO New Bull Cycle: 👇🏻 Dec Bullish Call on CPO: 🔔 Q1 Risk Factor to Watch: Covid, Reinstating/further extension of MCO , Political instability (Malaysia), US...
CPO price consolidated past 1-2weeks, forming a nice launchpad towards higher price levels -- Bullish Flag pattern. 🚀🚀 Price still running in a mid-term up-channel, with an upside target zone: 3.5-3.6k & 3.7k ; similar to which suggested by the flag. 🔔 Overhead Resistance: 3.4k, 3.5k, 3.6k, 3.7-3.8k ❇️Prev idea still largely intact, only now with added...
A potential to go short with a bearish harmonic 5-0 type-II setup. Higher probability for the price of fcpo to go south if it stayed below the red dash TL with a target price of 3163.
Bulls taking a breather as active contract move to Feb2021. Major S: 320x-6x >> Watch if hold on test... If support hold, Look for rally towards R1-R3: 340x-5x, 350x-5x, 360x-5x in about 2weeks time. ;) I've been on Long since turn Nov, check out my many other social platforms for latest charts & market updates. 🔔⭐️ Check out my prev post on a Major CPO...
Currently, MCX Crude Palm Oil (CPO) shows an uptrend. By following the ADX, we can say that the trend will rise because ADX is greater than 25 (ADX>25) , and +DI is above the -DI . Let's have a look at the volume. Volume spikes double of the average, so this also shows an uptrend, and it will go to the 900 - 920 - 960+ . Right now, the trend is crossing the...
The price of FCPO may having some adjustment after it climbed above 3000 from 2764. Once again, the price entered multi years supply zone which has been tested 4 times since late Dec 2016. Diving into smaller picture, the price is developing a potential bearish pattern. The construction of the pattern which developed another bearish harmonic pattern in H1 time...
Week 45: 02 to 06 November 2020 FCPOX 2020 analysis The price had been rejected two days in a row and not able to go beyond RM3,300. Weekend gap had been filled and if there is no continuation in the momentum, there is no reason for the price to go higher. This is a good opportunity to Short the market with a lucrative RRR. Here is my personal trade: Sell Now...
Price oscillating within wide 12-15% flat sideways range. 🐻🐮 From here, more likely to retest range lows: 2700 ; 2600... 📉 Watch for potential breakouts from range❗️ Happy Hunting! 🥂🚀 -jk-
The price of FCPO climbed above 3000 after it failed to establish the reciprocal head & shoulder from the previous call. Price touched the supply zone (violet box) again. However price rejected and fell to 2800 psychology level. In a short term view, the price may hovering with a bullish 5-0 harmonic pattern identified supported on the level of 2800. A potential...
Bounce reached ~304x R-zone previously mentioned. Didnt manage to test the 3100 highs. Didnt get to capitalise early on the current plunge from 30xx highs, tbh was expecting a milder retracement. And we got a sharp plunge instead, thus potentially a large sideways range in play, before continuing the monthly bullishness. Major Support: 2600-2700 ; ~244x ...
The price of fcpo has been fall more than 300 points in the distribution event from the supply zone. The psychology level of 2800 has been breach as well & a reciprocal harmonic Head & Shoulder identified. We might witness some volatility of price action in 2700 level in the event of defending the neckline area. A violation of the neckline could potential...
Did a video update, following up on previous CPO idea posted, check it out on my other social media accounts. Meanwhile, we have turned Bullish since S@2700 holding last week. Immediate R: 287x-9x taken, now turned support. As long as price stays above both UTLs, we are likely to retest prev HH near R2: 304x-8x area. Meanwhile, if we continue to stay above the...
Week 41: 05 to 09 October 2020 FCPOX 2020 analysis The price is consolidating at RM2,765 to RM2,800, once the price broke lower/support level, we will follow to short at RM2,740 area. I will look to short FCPOX as the right shoulder had been formed, and the only ingredient left is break-out confirmation. Here is my personal trade: Sell Stop at RM2,741 Stop Loss...
Week 40: 28 September to 02 October 2020 FCPOX 2020 analysis At the moment the price is in the consolidation zone, to make it simple to the naked eye, the price is forming the Right Shoulder. However, please note that there are many variations of the "right shoulder", it can be a straight horizontal channel, diagonal channel, flag, wedge, and ascending...
We're dealing with a MAJOR SIDEWAYS situation here, seeing the steep Up & Down swings & abrupt reversals between 2.6,2.8k --- 3.0,3.1k. 2.6-2.8k is KEY SUPPORT area on Weekly, price likely to consolidate within this zone, before deciding its next major direction. Long-term view, currently favoring UP, as long as S2 holds. Happy Hunting! 🥂🚀 -jk-
FCPO now is entering the supply zone once again after climbed more 1000 points after rebounded on May 2020. This zone has been visited 3 times in late 2016, beginning of 2020 and here in present. A V-Shape accompanied with a bearish harmonic deep crab may witness the upward trend could be stalling. Price action plays the crucial role to determine the price will...
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...