Downtrend Continue in CPO? 6100-5500
Technical View:
1.Market extended losses after tighter range with doji formed
2.Stochastic K% line having mixed signal as weekly chart showed K% line crossing down indicates sell signal, while daily chart crossing up at oversold level which indicates buy signal.
We expect market will bounce before continue its downtrend with immediate support level at 5900.
Suggestion Trade:
Short if stay below 5900
Target Stop Loss (resistance level) 6100
Target Profit level (support level)
TP1 5700 TP2 5300
Long if stay above 6350
Target Stop Loss (support level) 6150
Target Profit level (resistance level)
TP1 6550 TP2 6950
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **
1.Market extended losses after tighter range with doji formed
2.Stochastic K% line having mixed signal as weekly chart showed K% line crossing down indicates sell signal, while daily chart crossing up at oversold level which indicates buy signal.
We expect market will bounce before continue its downtrend with immediate support level at 5900.
Suggestion Trade:
Short if stay below 5900
Target Stop Loss (resistance level) 6100
Target Profit level (support level)
TP1 5700 TP2 5300
Long if stay above 6350
Target Stop Loss (support level) 6150
Target Profit level (resistance level)
TP1 6550 TP2 6950
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK **
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