FCPO- It Would Not Be A Straight Line Recovery Nor Down Trend
Every time the market moved substantially, it will caught most traders off guard, always. You can see it when the market move substantially, it kept on heading to the same direction with force behind and most traders who does not re-act will be caught off guard. And when these traders realized it has to bite the bullets and exit, it will be a painful losses to bear. This is what happen every time the market move, it does not matter where does it move, move up or down, sideways, it doesn.t matter at all. The point is, price will sometime kept on breaking the support and resistance because there are alway traders getting caught off guard, those traders have to force exit their positions to stop from bleeding. There is always some poor bastard caught off guard when the market moved, and they can give you even the most ridiculous reason why they cannot re-act. Back to market outlook, FCPO Jun no doubt manage to recover most of its this week losses. And the Bulls did it with style, the Jun contract went up about a whopping 2.48% higher to settle at 2,193 level yesterday. There is no deny, Bulls were present yesterday starting from the beginning of afternoon session. What lies next might be the first immediate resistance level around 2,220, and if this level is taken out, short term outlook may return to sideways. Currently the Bears are still holding the trump cards for the moment, but all this can change if the price kept on recover above 2,220 level this or early next week. However, there are a few short term concern that might curb this recovery, steady slow down on palm oil export, soy oil and crude oil were generally still on Bearish trend in both short term and long term. For today, support for the Jun contract is located around 2,149 while ressitance is pegged at 2,237
Daily Pivot Point
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.