FCPO Outlook for 6 April 2018
FCPO - Daily Chart: Bearish
We haven’t seen such volatility for a while. 1st week of April is a roller coaster ride and a heaven for intraday players scalping their profit in FCPO.
Trump factor and the trade war between US and China impacted the market sentiment for our FCPO market. It’s a tough call for any fundamentalist as any tweet or remark by Donald Trump will easily influence the whole market.
Any escalation on the trade war is seen to benefiting our FCPO market as demand for FCPO will increase to replace Soybean Oil requirement in China.
Technically, I am still calling the rally in FCPO is still Bearish unless level 2,530 level is broken. On daily, price is still below Kumo cloud and putting a selling pressure on Price.
However, we noted that Tenkan-sen just crossed Kijun-sen showing with RSI above the 50 line, showing a bullish momentum.
Support zone for overall FCPO movement is within 2,376 and 2,445 price zone.
Based on our Elliott Wave count, as long as price level of 2,557 still holds, wave iii down still in place.
As usual, if the level is broken, we have to recalculate our count. This is also in line with our price action analysis where 2,559 to 2,578 zone seen as a selling zone.
Happy trading and don’t let April Fools you.
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