FCPO Outlook for 10 March 2018
FCPO - Daily Chart: Bearish
Recall our analysis on the newsletter dated 25th Feb 18, support of 2400 was broken on Friday’s opening (9 March 18). FCPO made a low of 2468 on most-active contract.
This is the lowest level since August 2016 as palm oil output seen rising in March for Malaysia and Indonesia.
Based on our previous analysis, we mentioned that our Elliott Wave Count favours further downside movement to complete Wave 3 of (3) of ③.
Technically speaking, the low of 2468 shy of 2-points from our aggressive target of 2466 (Wave 1 = Wave 5).
On Daily timeframe, FCPO is still Bearish amid of the multiple gap downs last week with Stochastics below 50.
At the time of writing, FCPO price found its support at the median Standard Pitchfork.
Based on Ichimoku Kinko Hyo outlook, FCPO continues to trade below Kumo, Tenkan and Kijun-sen.
Conservatively, we might expect a rebound in FCPO as Stochastics within the oversold region.
In our FCPO chart, we include two alternative counts (Blue and Red) where Blue count indicates FCPO will continue to go south to complete Wave v of 3 of (3) of ③ and Red count where we expect FCPO will in a corrective mode for the coming week.
Nonetheless, we are expecting a minor rebound for wave 4 (based on Blue count) and corrective wave (based on Red count).
Our sense is if FCPO fails to find its way back above the Upper Parallel of the Pitchfork and penetrates above Kumo (which we think a tough road to be), that odds favour for a new low in FCPO.
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