FCPO WEEK 52 2024: BEARISH.FCPO is bearish. This is a short week and I'm expecting price to make a retracement before proceeding lower. So it is bearish this week and probably it would be bearish as well going into next week.
FCPO1!
FCPO WEEK 51 2024: BULLISH.A retracement followed by a bullish key reversal and an inside bar candle usually a good indication that price would continue higher. Thus next week I'm expecting a higher price for FCPO and TP should be around 5200. However if price failed to move forward beyond the area of 5065 then there is a possibility that price might go lower. For now it is bullish.
FCPO WEEK 50 2024: BULLISH.It is still bullish. It is expected that the price will continue higher or at least tested the 5200 price level. There are 2 options. It will either go ahead bullish on opening next week (OPTION1) or making a retracement to fill in the 4hr GAP and then continue higher (OPTION2). OPTION 2 is the preferred price action.
FCPO WEEK 48 2024: STILL BULLISH.FCPO is having a good retracement last week. Overall the trend is still bullish until proven otherwise. However I'm still expecting a bit more downwards before price settling to start a move a higher. A move below 4600 is a possibility next week. From there, depending on price action, the price might consolidate a bit before starting to move higher.
FCPO WEEK 45 2024: BULLISH.FCPO is bullish. However it starts to look heavy and overbought. Waiting for a retracement lower might be a good idea before committing. If the retracement holds and creates a support area then there is good probability that FCPO will move higher and possibly creating a new higher high above 5000.
FCPO WEEK 43 2024: Bullish retracement.Price has been moving higher after penetrating the neckline of the rounded bottom. Price stays above the neckline for the passed 2 weeks and it should be the indication that momentum is building for a move higher. However expect that price will make a retracement lower to the support area. If this area holds then price should continue higher and possibly making a new higher high.
Happy trading week.
FCPO Week 37 2024: BULLISH.The 4-hour chart indicates a strong upward price movement. An inverted head and shoulders pattern has emerged, with the price breaking above the neckline, marking the first wave of the move. This was followed by a brief consolidation phase, representing the second wave. Now, the price appears ready to resume its upward momentum, potentially forming the third wave. Watch for a breakout as this wave could push prices higher. A buy position may be considered, with a target price of 4018 for potential profit.
FCPO. DOUBLE ZIGZAG FORMATION IDEAReassesment of the current wave structure after price break our invalidation level of our previous idea.
As for now, my personal best idea that can be derived from the current market structure is that maybe we area looking at double zigzag formation for november contract.
Invalidation for this idea = 3698
FCPO Week 32 2024: Bearish in motion?Yesterday's movement might have broken the range. However, a retracement is expected, presenting an opportunity to sell. Consider selling with a target of 3600.
FCPO Week 31 2024: Waiting for break thorugh.Last week, prices moved within a narrow range between 3900 and 4000. Unless there is a significant move that breaks through this range, either higher or lower, the market will likely remain neutral. This week, pay special attention to this range, particularly the levels closer to 4000, as a breakout in this area could signal a strong market move.
FCPO Week 30 2024: Slight bullish potential.Last week, it was anticipated that the price would retrace higher before moving lower. However, this did not materialize. The 3900 to 4000 range remains a critical area, with the price continuing to move within this band. Currently, forecasting the outlook is challenging, but based on recent price reactions, the market appears to favor the bulls. Next week, we will be looking for opportunities to buy, anticipating that the price will move higher.
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FCPO Week 29 2024: Bearish in motion.Based on last week's price action, FCPO appears to be trending lower. Pay close attention to the price movements between 3955 and 4000. If bearish price action is observed within this range, it could present a good opportunity to enter a short position.
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FCPO Week 28 2024: Support retest and then higher.Last week, the price broke through the 4,000 resistance area and closed above it. However, it hasn't moved significantly higher and is currently consolidating. It's expected that the price might retest the 4,000 area before moving higher towards the 4,200 level. If the price drops significantly, the outlook could change, potentially reversing the trend. Given the short trading week, adopting a wait-and-see strategy to observe the next price action might be wise.
FCPO Week 27 2024: still in range. Neutral.There was a slight upward movement last week, likely due to the price reacting to the support area. However, strong resistance remains at the 4,000 level. The recent bounce from support might reach this resistance and result in continued consolidation. Range traders can benefit from this environment while it persists. Trend traders, on the other hand, may prefer to wait for a significant breakthrough above the resistance or below the support levels to confirm a new trend.
FCPO Week 26 2024: Indecision.Another week of consolidation for FCPO. The price remains range-bound, suggesting that without a decisive move higher or lower, FCPO is unlikely to make significant progress.
For range traders, consider going long at support levels and targeting resistance, or vice versa. For trend traders, it may be prudent to wait for clearer price action. A strong movement toward either support or resistance is necessary to establish a meaningful trend.
FCPO Week 25 2024: Still in consolidation.The price remains within its range, showing minimal movement last week. Despite expectations, it has not made any significant progress upward. The outlook suggests that the price could move higher, but it needs to close and sustain above the 4,000 level to see a substantial increase.
Based on the current consolidation, we observe that the price may have formed a rounded bottom, potentially creating a cup and handle pattern with higher highs (HH) and lower highs (LH). These are positive indicators for a bullish move, but momentum is still lacking. If it is indeed going higher then the 4135 is the immediate target.
If the price breaks below the LH area, it could move lower. The best approach for the upcoming week is to adopt a wait-and-see strategy, looking for confirmation of the next price movement.
FCPO Week 24 2024: Slowly higher.Earlier in the week, prices dipped below the neckline, but they recovered slightly by the week's end, closing just above the neckline. The 4000 price level remains a resistance area. Despite this setback, the bullish outlook is still intact, with prices continuing to consolidate. Next week presents an opportunity to go long, with the target price remaining unchanged from last week.
FCPO Week 23 2024: Bullish?The price broke through the neckline with strong momentum and retraced slightly on Thursday, creating a buying opportunity. It then continued higher on Friday, confirming a rounded bottom pattern. From here, the price is expected to continue rising. A long position targets 4135 initially, with a potential move to 4230 depending on next week's price action.
FCPO Week 22 2024: Consolidation mode continuing?Expecting another week of consolidation. Would really like to see price to move lower to the range support and bounce higher from there and perhaps even higher to close above the range resistance. Another week of wait and see.
FCPO WEEK 21 2024 -Neutral for the start of the week.Price has been in consolidation mode for at least 2 weeks. Good trading weeks for range traders but definitely not good for trend traders. Will be looking for further price action early next week to further determine the direction. Price needs to close either above or lower of the resistance or support level. Overall view is still bearish based upon how aggressive the price push lower from the neckline. However a retracement higher towards the neckline is welcome for another meaningful move lower. It will also provide opportunity to go short with a much better pricing. So early next week is definitely a wait and see mode before deciding to take any trade. ✌🏼💰💵
FCPO Week 20 2024 - Bearish.FCPO retraced but didn't go as far as expected. It's showing a bearish price action since middle of the week. For next week it is expected that bearish price action to continue. Shorting it will target the area of 3745 and 3721 as potential TP.
FCPO Week 19 2024 - Retracement higher?FCPO is consolidating. It is bearish however some retracement is expected. A retracement would perhaps target the 3945 to 3965 area though there is a few resistance that price need to overcome.
FCPO Week 17 2024 - Bearish?FCPO might have shifted bearish. However for next week, there is a possibility that it might bounce higher. Price is expected to target 4090 area and possibly higher above 4100 area. From there it is expected that price to continue lower depending on the price action next week.
