1st November 2022 Trading PlanGlobal data/news (Reuters and Trading Economics)
• Chicago wheat futures jumped 6% and corn rose more than 2% on Monday as Russia's withdrawal from a Black Sea export agreement raised concerns over global supplies. (Reuters)
• India sharply raised the base import prices of crude and refined palm oil and crude soya oil, the government said in a statement on Monday, as prices jumped in the world market.
• Exports of Malaysian palm oil products for October 1-25 dropped from the same period in September.
• A combination of pressure from the expected rate hikes, the relative strength of the dollar and rising yields continue to pressure gold prices.
Remarks
• FCPO consolidating near daily 100EMA. Major line to break.
• FCPO rebound from 1H 100 EMA twice, both return to the 1H consolidation zone.
• Triangle pattern in 1H chart.
Short Term Trend : sideways
Trading Plan:
• Short –
o Price breakdown and maintain below 1H support zone. TP1:4010, TP2:3980 SL:4080
o Price fail to break 1H resistance zone, TP1:4080, TP2: 4010 SL:4180
• Long –
o Price supported and maintain above 1H support zone. TP1:4155 TP2: 4255 SL:4045
o Price breakup and maintain above 1H resistance zone, TP: 4255 SL:4155
Disclaimer: This is just my IDEA on the market, not a suggestion to open any trade. Please do not follow without any personal due diligence on the market.
