FCPO WEEK 45 2024: BULLISH.FCPO is bullish. However it starts to look heavy and overbought. Waiting for a retracement lower might be a good idea before committing. If the retracement holds and creates a support area then there is good probability that FCPO will move higher and possibly creating a new higher high above 5000.
Fcpoweekly
FCPO WEEK 43 2024: Bullish retracement.Price has been moving higher after penetrating the neckline of the rounded bottom. Price stays above the neckline for the passed 2 weeks and it should be the indication that momentum is building for a move higher. However expect that price will make a retracement lower to the support area. If this area holds then price should continue higher and possibly making a new higher high.
Happy trading week.
FCPO Week 37 2024: BULLISH.The 4-hour chart indicates a strong upward price movement. An inverted head and shoulders pattern has emerged, with the price breaking above the neckline, marking the first wave of the move. This was followed by a brief consolidation phase, representing the second wave. Now, the price appears ready to resume its upward momentum, potentially forming the third wave. Watch for a breakout as this wave could push prices higher. A buy position may be considered, with a target price of 4018 for potential profit.
FCPO Week 30 2024: Slight bullish potential.Last week, it was anticipated that the price would retrace higher before moving lower. However, this did not materialize. The 3900 to 4000 range remains a critical area, with the price continuing to move within this band. Currently, forecasting the outlook is challenging, but based on recent price reactions, the market appears to favor the bulls. Next week, we will be looking for opportunities to buy, anticipating that the price will move higher.
Like, comment or follow if you like to idea.
FCPO Week 29 2024: Bearish in motion.Based on last week's price action, FCPO appears to be trending lower. Pay close attention to the price movements between 3955 and 4000. If bearish price action is observed within this range, it could present a good opportunity to enter a short position.
Like, comment or follow if you like to idea.
FCPO Week 28 2024: Support retest and then higher.Last week, the price broke through the 4,000 resistance area and closed above it. However, it hasn't moved significantly higher and is currently consolidating. It's expected that the price might retest the 4,000 area before moving higher towards the 4,200 level. If the price drops significantly, the outlook could change, potentially reversing the trend. Given the short trading week, adopting a wait-and-see strategy to observe the next price action might be wise.
FCPO Week 27 2024: still in range. Neutral.There was a slight upward movement last week, likely due to the price reacting to the support area. However, strong resistance remains at the 4,000 level. The recent bounce from support might reach this resistance and result in continued consolidation. Range traders can benefit from this environment while it persists. Trend traders, on the other hand, may prefer to wait for a significant breakthrough above the resistance or below the support levels to confirm a new trend.
FCPO Week 25 2024: Still in consolidation.The price remains within its range, showing minimal movement last week. Despite expectations, it has not made any significant progress upward. The outlook suggests that the price could move higher, but it needs to close and sustain above the 4,000 level to see a substantial increase.
Based on the current consolidation, we observe that the price may have formed a rounded bottom, potentially creating a cup and handle pattern with higher highs (HH) and lower highs (LH). These are positive indicators for a bullish move, but momentum is still lacking. If it is indeed going higher then the 4135 is the immediate target.
If the price breaks below the LH area, it could move lower. The best approach for the upcoming week is to adopt a wait-and-see strategy, looking for confirmation of the next price movement.
FCPO Week 24 2024: Slowly higher.Earlier in the week, prices dipped below the neckline, but they recovered slightly by the week's end, closing just above the neckline. The 4000 price level remains a resistance area. Despite this setback, the bullish outlook is still intact, with prices continuing to consolidate. Next week presents an opportunity to go long, with the target price remaining unchanged from last week.
FCPO Week 23 2024: Bullish?The price broke through the neckline with strong momentum and retraced slightly on Thursday, creating a buying opportunity. It then continued higher on Friday, confirming a rounded bottom pattern. From here, the price is expected to continue rising. A long position targets 4135 initially, with a potential move to 4230 depending on next week's price action.
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. ✌🏼💰💵
FCPO Week 17 2024 - Bearish?FCPO might have shifted bearish. However for next week, there is a possibility that it might bounce higher. Price is expected to target 4090 area and possibly higher above 4100 area. From there it is expected that price to continue lower depending on the price action next week.
FCPO Week 17 2024 - Going lower?FCPO looks heavy. The drop might not ended yet but there might be a retracement higher. At this current level standing aside might be a good idea. Monday price action might be a good indicator on where price will go this week. Stand aside for now until new signal emerges.
FCPO Week 16 2024 - Further retracement.A further retracement lower is still in play. A reversal on Friday may turn out to be only a manipulation. The move higher might only be to fill up the gap at 4300 area before continuing lower. 4200 is the area where price should be next week. Expecting a consolidation in this area before the next move higher. Overall still bullish until proven otherwise.
FCPO Week 14 2024 - ready to go higher?I think FCPO has found a support last Friday. Price failed to continue lower instead there is a strong push to the upside. It is also align with the support area created in March. A push higher will probably target 4244. Once the resistance line have been breached then 4280 should be a new target.
FCPO week 13 - retracement lower?Last week bull failed to take full control. At the current level, the price looks a bit heavy and there is a bear push lower. It is 50:50 at this moment but the likelihood of another run higher might not happen next week. Anyhow a retracement lower is likely before another run higher. 4030 area is a target next week and price might consolidate after that. At this area a push lower is also a possibility so need to wait on the price action.
FCPO Week 12 2024 - bull taking control.FCPO is making a push higher. Still with bullish view unless shown otherwise. As price didn’t go in a straight line, it is expected that it might retrace a bit towards 4200 area (this is also the area to look for entry to go LONG) to fill up the gap before making another bullish push. If this happens next week, then another leg higher should target the previous high and eventually target the 4425 area.
FCPO Week 11 2024 - Retracement expected?The price is still bullish however some retracement is expected before a run higher. Expecting that this week it will make retracement towards 3995 area. Depending on the price action, another bullish push towards 4208 area before a quick run towards 4250 area (which might not happen so quickly).