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USD Malaysian Crude Palm Oil Calendar FuturesUSD Malaysian Crude Palm Oil Calendar FuturesUSD Malaysian Crude Palm Oil Calendar Futures

USD Malaysian Crude Palm Oil Calendar Futures

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CPO1! trade ideas

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.
MYX:FCPO1!Long
by edramlan
1
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.
MYX:FCPO1!
by edramlan
2
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.
MYX:FCPO1!
by edramlan
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