Crude Oil Palm Continues to Ride the downward Coaster. Hello dear Malaysian traders,
Hoping express that everyone is in good health.
The global supply chain is infected, by this pandemic Covid. Every body was asked to stay at home, the workers are stopping from work. And there is no logistics can be done. The crude oil palm demand is also falling.
The best is, continue Short / sell with strength of downward pattern.
If you find my analysis is useful and helping you out, please do like, follow, and comment.
FCPO1!
FCPO - Bullish ButterflyA bullish butterfly formed in hourly chart (06/04/2020). The price soared & exceed the projected target price 2 to RM 2409.
The price is sliding from RM 2409 & it may re-test the projected HOP level for another entry opportunity in the PRZ.
Entry - RM 2230
HOP - RM 2188
TP1 - RM 2320
TP2 - RM 2376
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.
what a year for fcpoI would like to wish all of traders a happy new year and happy trading in year of 2020. CPO is one of performing commodity. Bullish trend since Oct 2019. May year 2020 will bring a lot of profits. Do not give up in trading. Find a method that suit your personality. Feel free to message if you have any difficulties in trading.
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. HIGHERKey level = 2139
Critical level = 2095
Expectation: Still with the idea of wave (3) of ((3)) in play, downward movement today we see as a corrective pullback marked as wave 2. Looking at a lower timeframe, we label the sub structure as a motive wave with an extended wave 5. Key level 2139 must hold for this wave analysis.
Reality: Let the market decide.
Hanya Allah yang memberi.
Happy trading.
FCPO. WAVE 2 RETRACEMENT.Key level = 2095
Price already reach target retracement area 50-61.8%.
In my own personal opinion, there is still some room left for wave (2) retracement. Waiting for a clear evidence before too see if wave (2) have bottomed.
Key level must hold for this wave idea.
Let's see what the market will offer us.
Happy Trading
Want What The Market Want.
FCPO WAVE 2 CORRECTION PROGRESSKey Level = 1940
From our previous analysis:
“Expecting a 3-structure movement in corrective fashion to complete correction wave (ii)
from my personal opinion, I would like to see the end of wave (ii) at the area of 2093 – 2026”
Wave (ii) unfold into zig-zag pattern and we can see a clear 5-structure movement for wave C toward our target area.
With the idea of diagonal triangle wave (5) to end wave C and (ii), there are still left some room for throw-over below 2100 area. Expecting a sharp movement toward 2217 if everything goes according to plan.
Our key level is set at 1940, which is the starting point of wave 1 and as per Elliott rules “Wave 2 never retrace more than 100% of wave 1”. This wave analysis remains valid as long as our key level hold.
Let’s see what the market will offer us this week.
Happy Trading.