FCPO 26/2/2020 Trading Ideas, Rebound Day?Yesterday's CPO has dropped due to the drop on the sales result. Expect to rebound today.
Current: Still under downtrend
Expect to rebound and continue to drop
Long - at market open, TP before 2550(wait for retrace if manage to TP), CL 2430
Short - if break blue trend line
*This are my own trading plan, no intention to ask reader to buy/sell. Share with me if you have different ideas. Thanks.
CPO
FCPO: Hourly EW Count - Jun 28th 2019Weekly demand zone between 1863 - 1953 is being tested yet again. A small overshoot of wave 5 (circle) below 1940 is expected rather than a truncation with dashed line governing the extreme. Any strong movement below dashed line or 1900 price level will require a recount.
#contengconteng #fcpo #crudepalmoil
FCPO - Moving in Upward ChannelOne the left chart, a upward channel was plotted in black. The channel develop since Jul and price did not move out from the 37 degree upward sloping lines since then.
Market is waiting 1-15 Sep Spooma data & export data to release on tomorrow on Monday to further speculation on inventory changes. The current price movement is expect to be sideway to down follow soyoil sentiment last night which trading near historical low. Dalian palm olein remain directionless and bias to downside.
Next projection target at 2213 if price below 2248.