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Can CPO Sustain Above 4500?

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Crude Palm Oil Futures (MYX:FCPO1!)  
happytrading96  
MYX:FCPO1!   Crude Palm Oil Futures
Trend Analysis Technical Indicators Chart Patterns palmoilfutures palmoil CPO FCPO1! fcpomalaysia fcpoweekly
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trendanalysis indicator chartpattern palmoilfutures palmoil cpo fcpo1! fcpomalaysia fcpoweekly
Palm oil plunged as expected last week. Market hit weekly low at 4567 and closed at our 1st resistance level.

Main reason of the weakness in CPO market due to the uncertainties over the impact Omicron coronavirus variant which dented demand for CPO.

Technical view:
1. Immediate resistance level: 4700-4730
2. Stochastic level= Sell Signal remain

Suggestion Trade:
Initial Short position
Stop Loss at resistance level: 5000-5100
Target Profit level (support level)
S1 4500 S2 4385-4400 S3 4200

Disclaimer: Trading Carries Risks.

Happy Trading, Cheers.
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