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Fcpo!

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. ✌🏼💰💵
MYX:FCPO1!
by edramlan
Green Bull Flag in FCPO From a technical standpoint, prices have consolidated into a bull flag consolidation pattern since 14 March, breaking out of the flag resistance (orange trend channel) yesterday, albeit with normal volume. This localised breakout coupled with the breakout of the long-term parabolic bowl accumulation pattern at 4,150, a pattern forming since July 2023, signalled a possible continuation of the bullish climb to retest 4350 levels. Fibonacci retracements can be seen respected at 61%, 50% and 38% respectively. Immediate support is foreseen around the 4,200 levels, a zone created from a combination of both 50% fibo and the high from previous surge – green line support. Sustained prices above the bull flag pattern for the next two days are likely to drive further upward movement, aiming to breach the 4,350 level and potentially reaching 4,500 levels. This upward momentum may be fueled by short liquidations and breakout buys. Conversely, a drop below the 4,150 level could prompt a retreat towards the crucial support level of 4,000. Regarding correlated edible oils, technical indicators for CBOT soyoil futures indicate a bullish divergence, with prices rebounding noticeably from recent lows. The trajectory suggests a continuation of the bullish trend following a retracement to the 47-48 cents per pound levels last week. Trading Idea: Entry: Long 2 lots FCPO @ 4230 SL: 4190 TP: 1 lot @ 4330 ; another @ 4480 - Darren, Phillip Nova Analyst
MYX:FCPO1!Long
by phillip_nova
1
FCPO Week 9 2024 - Still bearish.FCPO is coiling. Price is almost stalling last week. It goes up one day and then it got taken out the next day. So at the end of the week it is more or less moving no where. It might do the same next week within the flag formation. Still with bearish view for price to move to 3720 area which might be the support area before price eventually moving higher. The bullish view will come into picture if price move and close above the flag resistance area.
MYX:FCPO1!Short
by edramlan
9