candlesticks formed long black bar ( bearish engulfing ) at resistance level .
Besides, MACD starting to cross down, signaled downtrend started.
We shall see FCPO decline in coming days.
Traders may take this opportunity to short in market with stop loss at the high of 5220.
-market extended gains closed at record high as Oct export data improved amid lacklustre production
-market likely to move higher if market stays above 5070; target market range 5065-5245
-support level:
S1 5025 S2 4978 S3 4931
-resistance level:
R1 5100 R2 5147 R3 5194
-yesterday daily settlement: 5071
mid: 5022
strategy 1: Long if stay above 5100
tg stop 5053
tg exit 5147-5241
strategy 2: Short if stay below 4945
tg stop 4992
tg exit 4804-4898
Besides, MACD starting to cross down, signaled downtrend started.
We shall see FCPO decline in coming days.
Traders may take this opportunity to short in market with stop loss at the high of 5220.
-market extended gains closed at record high as Oct export data improved amid lacklustre production
-market likely to move higher if market stays above 5070; target market range 5065-5245
-support level:
S1 5025 S2 4978 S3 4931
-resistance level:
R1 5100 R2 5147 R3 5194
-yesterday daily settlement: 5071
mid: 5022
strategy 1: Long if stay above 5100
tg stop 5053
tg exit 5147-5241
strategy 2: Short if stay below 4945
tg stop 4992
tg exit 4804-4898
Note
Trading FCPO idea for 22 Oct 2021-market closed lower as concerns over tightening regulations on the commodities market in China
-market likely to move lower if market stays below 4955; target market range 4735-4955
-support level:
S1 4900 S2 4848 S3 4795
-resistance level:
R1 5000 R2 5052 R3 5105
-yesterday daily settlement: 4968
mid: 5080
strategy 1: Short if stay below 4900
tg stop 4952
tg exit 4743-4848
strategy 2: Long if stay above 5150
tg stop 5098
tg exit 5202-5307
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.