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Fcpoweekly

Can CPO Sustain Above 4500?Palm oil plunged as expected last week. Market hit weekly low at 4567 and closed at our 1st resistance level. Main reason of the weakness in CPO market due to the uncertainties over the impact Omicron coronavirus variant which dented demand for CPO. Technical view: 1. Immediate resistance level: 4700-4730 2. Stochastic level= Sell Signal remain Suggestion Trade: Initial Short position Stop Loss at resistance level: 5000-5100 Target Profit level (support level) S1 4500 S2 4385-4400 S3 4200 Disclaimer: Trading Carries Risks. Happy Trading, Cheers.
MYX:FCPO1!Short
by happytrading96
Palm Oil Breaking Ranging level 4700-5220?Palm Oil market has been ranging for the past few weeks: Reasons behind as below: 1. Rising in new COVID-19 cases in Europe (- export demand= price drop) 2. Weakness in Crude Oil and Soybean Oil (- demand= price drop) 3. Weather concerns (- supply = price up) 4. Labor shortage (- supply = price up) 5. RM weakening (+ demand = price up) Technical View: 1. Strong resistance level at 5000 2. Stochastic at Overbought level, K% & D% line cross down (Sell sign) Suggestion Trade: Short Stop Loss (Resistance level) 5220 Target Profit (Support level) 4650, 4500, 4385-4400 Happy Trading!! Cheers. ** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK
MYX:FCPO1!Short
by happytrading96
1
Palm Oil Marching towards 5220 ???Palm oil bounced as bargain buying and persistent sentiment of tight supply moving into Nov and Dec. Technical Views: 1. CPO prices landed at support level of 4500 and bounce 2. Uptrend Line Well holding 3. Stochastic maintain uptrend signal In short, maintain ranging to uptrend view in coming week. immediate support level 4500 immediate resistance level 5220 if unable to break resistance level, double top may form and led to another selling trend. Good Luck and Happy Trading~ Cheers
MYX:FCPO1!Long
by happytrading96