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USD Malaysian Crude Palm Oil Calendar FuturesUU

USD Malaysian Crude Palm Oil Calendar Futures

990.00USDD
−1.25−0.13%
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CPO1! trade ideas

Next Target Predictions of FCPOTrend Indicators: Moving Averages: The chart appears to use a combination of shorter-term moving averages (possibly 5-period and 10-period moving averages), showing a recent downtrend after hitting the resistance level. Bollinger Bands: The price has moved outside the upper Bollinger Band earlier, indicating overbought conditions. The bands are still wide, showing increased volatility. Buy/Sell Signals: There are multiple "Sell" signals at recent highs, which coincide with the price nearing the resistance levels. There is a "Buy" signal at a lower level just below 4,240 MYR, indicating the potential for support around this level. Stochastic Oscillator: The stochastic indicator at the bottom shows the stochastic levels at 80.46 (overbought region), indicating a potential pullback in the near term. Next Target Predictions: Immediate Resistance: The price has tested the 4,283 MYR resistance level multiple times, and this will likely be the next key level to break. If the price can break and hold above 4,283 MYR, the next upward target could be around 4,300–4,320 MYR based on historical levels and round-number psychological resistance. Downward Support Target: If the price fails to break through the 4,283 MYR resistance, it could pull back towards the next support level around 4,240 MYR, with a deeper downside potential to around 4,120 MYR, which is the stronger support shown in the chart. Conclusion: Currently, the price is near a key resistance level of 4,283 MYR. If it can break this level, the next target is likely around 4,300 MYR. However, given the overbought signal in the stochastic oscillator, a pullback to around 4,240 MYR or even lower toward 4,120 MYR is also possible in the near term if the resistance holds.
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by barakbest
Why Can Breakouts on Higher Timeframes Go Further?1. Significance of Support & Resistance: Support or resistance levels on higher timeframes are usually more important because they reflect prices that have been tested multiple times over a longer period. When the price successfully breaks through these levels, it signals a major change in the market. 2. Greater Confidence: Institutional traders and large investors often make decisions based on higher timeframes, so a breakout may be supported by larger trading volumes, providing more momentum. 3.Long-Term Trends: A breakout on a higher timeframe typically indicates the beginning of a long-term trend, meaning the price can move further in the breakout direction before a correction occurs. 4.Fewer False Signals: Higher timeframes tend to produce fewer false breakout signals compared to lower timeframes. This is because lower timeframes are more susceptible to short-term market "noise."
MShort
by hafizthalatha86
FCPO: Retracement confirmIf the market closes with a red candle, confirming a retracement, execute a short position with the following plan: Cut Loss (CL): 4051 Take Profit 1 (TP1): 3950 Take Profit 2 (TP2): 3815 Take Profit 3 (TP3): 3740 Expect TP1 (3950) to be reached during the night session. If strong momentum persists, TP2 (3815) may be achieved within 2-3 days. A minor retracement might occur before the price descends to TP3 (3740), likely before Friday’s session close.
MShort
by heromy
4
INSIDE BAR BREAKOUTToday's setup: I'm using the inside bar technique and the 20-period moving average, with a 1:2 risk-reward ratio. For traders who are just starting, you can use this technique for scalping or swing trading. It works even better when the inside bar candle is located in a support or resistance zone. However, always remember that every setup carries the risk of loss, so it's important to set Take Profit (TP) or Stop Loss (SL) levels for proper money management.
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by hafizthalatha86
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.
MLong
by edramlan
4
FCPO. Aiming higher. Continuing from our previous analysis (click above image), which alerted us to the probability of a bull trap, the price moved and created a false breakout, then traded back lower to the extreme low swing, thereby confirming the bull trap. Currently, we observe an initial movement to the upside with strong momentum, suggesting that wave 4 may have reached its bottom. Our focus is now shifting to the upside, and we expect to see a rally in a motive structure. The invalidation for this idea is set at 3849, where we consider this could be the end of wave 4. The downside movement is limited to this level for this idea.
MLong
by pengiran-
FCPO. Currently within the range of a bull trap.We observed a price rally that surpassed the extreme swing high of Wave 3. However, at this point, we are only seeing a three-wave advance from the low of Wave 4. It is premature to conclude that Wave 4 has bottomed. To manage our expectations and account for both scenarios, it remains possible that Wave 4 has not yet reached its bottom. The alternate count (in purple) suggests the probability of a bull trap being in play.
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by pengiran-
FCPO. REJECTION AT 38.2%.Following the guidelines in Elliott Wave Theory, "The Right Look" we adjust our wave labeling because the proportion of wave 4 is too large to fit within the subwave structure. It is a good sign that the price is rejecting decline at the Fibonacci 38.2% level. Our focus now is on the development of Wave 5. The last wave to complete the Motive cycle. Invalidation for this idea is at 3872. Refering to Elliott Wave rules for Wave 5: "Wave 5 always subdivides into an impulse or a diagonal" We would expect rallies toward the 4000 area in a classic motive wave structure. Another possible scenario to consider is the truncation of Wave 5, given that Wave 3 is an extended wave. Truncation happen when Wave 5 fail to move beyond the extreme swing high of Wave 3 Bottom line: If Wave 4 has ended and Wave 5 is in the early stages of development, any retracement is limited to the 3872 level. Trading below this level will require reassessment of the wave structure.
MLong
by pengiran-
FCPO. HIGHER TO COMPLETE WAVE 3 CYCLEPrice reached 2.618 fibonacci relationship compare to wave 1. Evaluation based on market structure, we see an extension wave 5 within wave (3) rally. If wave (3) has ended at fibonacci 2.618 area, we expect to see a 3 wave decline for wave (4) correction. Elliott Wave Theory: GUIDELINE OF ALTERNATION WITHIN AN IMPLUSE " If wave two of an impulse is a sharp correction, expect wave four to be a sideways correction, and vice versa. " Looking at our price chart, Wave (2) already unfold into a flat pattern and flat pattern is a side way correction. We can expect to see a sharp correction pattern for Wave (4) BEHAVIOR FOLLOWING FIFTH WAVE EXTENSIONS " ..when the fifth wave of an advance is an extension, the ensuing correction will be sharp and find support at the level of the low of wave two of the extension. Sometimes the correction ends there and sometimes only wave A ends there... Additional value is provided by the fact that fifth wave extensions are typically followed by swift retracements. " Projection area and pattern for wave (4) retracement using Elliott Wave Theory for alternation and fifth wave extension theory, expecting to see a sharp correction in wave (4) toward 3900-3880 area. Bottom line: Short term view, looking for significant retracement for a sign that wave (3) rally has ended. Long term view, we are still aiming higher to complete wave 3 cycle on a larger degree. Trading above yesterday high will required reassesment on the structure.
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by pengiran-
FCPO. I AM WRONG IN MY PREVIOUS WAVE COUNT.One of the five ways the wave principle improves trading, wave analysis provides a specific point of invalidation, which is the level at which an interpretation is no longer viable. Knowing when you are wrong is perhaps a trader’s most important piece of information. Market always right, it was my previous operative wave count is incorrect. Adjusting to the current structure, wave 3 of 3 already reach 1.618 fibonacci relationship compare to wave 1. Currently, there is no sign of significant retracement that telling wave 3 of 3 is complete. For now, we still aim high. Next reasonable target is 2.618 fibonacci level where wave 3 is an extended wave. Let's see what the market will offer us for next week. Accept failure but never give up, it is part of the process to become a consistently successful trader!
MLong
by pengiran-
1