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.
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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.
WAITING FOR BULLISH MOMENTUM TO WEAK AT WATCHING ZONEFor FCPO, I anticipated that the current movement might react to the identified Fair Value Gap sell zone.
Thus, as an initial confirmation, the expectation for the current bullish movement to be offset by a bearish movement must occur.
You should be aware that a Bullish Candle movement can only be negated by a Bearish Candle, and vice versa.
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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) Palm oil slips to over two-week low on subdued demand-Malaysian palm oil futures fell on Monday to their lowest closing in over two weeks, weighed down by lacklustre global demand and weaker crude as traders shrugged off data indicating tightening inventories.
-Market got some support from the resumption of Chinese palm oil buying on Friday but other destinations were lacking charm.
Palm extends gains on hot weather, ahead of Eid holiday - FCPOMalaysian palm oil futures rose for the third straight session on Wednesday, due to a shortage after a slowdown in production during Ramadan, topped with hot weather over the past weeks.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 84 ringgit, or 1.95%, to 4,396 ringgit ($926) a metric ton, by the midday break.
The futures is strong due to the coming Eid holiday. The Ramadan month provides a slowdown in production plus hot weather over the past weeks has resulted in lower yield, so there is a shortage of palm oils in the market at the moment.
The soyoil contract on the Dalian Commodity Exchange gained 0.79%, while its palm oil contract was up 2.48%. Soyoil prices on the Chicago Board of Trade were up 0.31%.
Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market.
India's palm oil imports hit a ten-month low in March to 481,000 tons, as the top vegetable oil buyer increased sunflower oil imports amid lower prices.
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.
MULTIPLE SUPPORT BROKEN + FVG FORMATIONMultiple support levels have been breached, accompanied by the formation of a FVG (Fair Value Gap) pattern, along with the appearance of a Double Maru Sell signal. Consequently, we anticipate the price to likely retest the Resistance level before initiating a downward movement.
Furthermore, a reversal signal has been identified in the candlestick pattern, indicating the beginning of a descent.
TRIANGLE PATTERN BREAKOUT + DOUBLE MARUThe chart clearly shows a Triangle Pattern Breakout, accompanied by the formation of an Inverse pattern, confirming the movement, along with the emergence of a Lower Low chart pattern.
Therefore, traders should seize opportunities when the price retraces to the inverse zone or potentially around the area where support becomes resistance.