CPO time to Test 5800?
Technical View:
1. Long Black Bar formed last week, which indicates reversal signs from current uptrend
2.Stochastic K% line crossed down in both daily and weekly chart, as well as divergence signals in both which indicates reversal signal
We expect market will continued facing selling force amid expectation of improving in global palm oil supply.
Suggestion Trade:
Short if stay below 6335
Target Stop Loss (resistance level) 6554
Target Profit level (support level)
TP1 6116 TP2 5679
Long if stay above 6900
Target Stop Loss (support level) 6681
Target Profit level (resistance level)
TP1 7119 TP2 7556
** Disclaimer: Trading Carries Risk **
1. Long Black Bar formed last week, which indicates reversal signs from current uptrend
2.Stochastic K% line crossed down in both daily and weekly chart, as well as divergence signals in both which indicates reversal signal
We expect market will continued facing selling force amid expectation of improving in global palm oil supply.
Suggestion Trade:
Short if stay below 6335
Target Stop Loss (resistance level) 6554
Target Profit level (support level)
TP1 6116 TP2 5679
Long if stay above 6900
Target Stop Loss (support level) 6681
Target Profit level (resistance level)
TP1 7119 TP2 7556
** Disclaimer: Trading Carries Risk **
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