Will Palm Oil Test 6800 Level?
Technical View:
market closed slightly higher after tighter range move with pin bar formed, which indicates market remained cautious on palm oil outlook
While Stochastic K% line shows mixed signals, Daily chart showed K% line crossed up which indicates uptrend signal, but weekly chart remained in uncertain level at 47.58.
We expect market likely to move higher with immediate resistance level at 6700.
Suggestion Trade:
Short if stay below 6200
Target Stop Loss (resistance level) 6393
Target Profit level (support level)
TP1 6007 TP2 5621
Long if stay above 6635
Target Stop Loss (support level) 6442
Target Profit level (resistance level)
TP1 6828 TP2 7214
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **
market closed slightly higher after tighter range move with pin bar formed, which indicates market remained cautious on palm oil outlook
While Stochastic K% line shows mixed signals, Daily chart showed K% line crossed up which indicates uptrend signal, but weekly chart remained in uncertain level at 47.58.
We expect market likely to move higher with immediate resistance level at 6700.
Suggestion Trade:
Short if stay below 6200
Target Stop Loss (resistance level) 6393
Target Profit level (support level)
TP1 6007 TP2 5621
Long if stay above 6635
Target Stop Loss (support level) 6442
Target Profit level (resistance level)
TP1 6828 TP2 7214
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **
Penafian
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