Reversal or Uptrend for CPO?
Technical View:
1. Doji or inside bar formed after long white bar last week, which indicates market forces remained uncertain and likely to have reversal
2.Stochastic showed mixed signals.
As K line crossing up fr0m the level of 51 in weekly chart which indicates uptrend signal.
While in daily chart showed K line crossed down from the overbought level which indicate sell signal.
Thus, we expect selling force with immediate resistance level at 6550, before it able to sustain for uptrend.
Suggestion Trade:
Short if stay below 6150
Target Stop Loss (resistance level) 6344
Target Profit level (support level)
TP1 5956 TP2 5568
Long if stay above 6625
Target Stop Loss (support level) 6431
Target Profit level (resistance level)
TP1 6819 TP2 7207
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
1. Doji or inside bar formed after long white bar last week, which indicates market forces remained uncertain and likely to have reversal
2.Stochastic showed mixed signals.
As K line crossing up fr0m the level of 51 in weekly chart which indicates uptrend signal.
While in daily chart showed K line crossed down from the overbought level which indicate sell signal.
Thus, we expect selling force with immediate resistance level at 6550, before it able to sustain for uptrend.
Suggestion Trade:
Short if stay below 6150
Target Stop Loss (resistance level) 6344
Target Profit level (support level)
TP1 5956 TP2 5568
Long if stay above 6625
Target Stop Loss (support level) 6431
Target Profit level (resistance level)
TP1 6819 TP2 7207
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
Disclaimer
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