Weekly EW count indicates FCPO is currently at wave V of (c). Next week we could see market will attempt to pierce through the demand zone (2186 - 2250) amid the trade war tension between the US & China. The price could edge up slightly in the early week though; buoyed with weaker Ringgit Malaysia. The seasonal cycle of palm plantation is expected to ramp up the production output within the next couple of months, lending more pressure for FCPO to move downwards overall.
Price movement that goes up beyond 2654 invalidates the EW count; the major downtrend should have ended and it signifies a major trend reversal.
Price movement that goes up beyond 2654 invalidates the EW count; the major downtrend should have ended and it signifies a major trend reversal.
Comment:
As predicted, FCPO has successfully punctured through the existing demand zone (2186 - 2250) and is now moving towards the next demand zone (2089 - 2132). By taking into account the current situation (trade war, palm production trend etc), we should see a technical rebound before price attempts to move further downwards rather than a complete trend reversal.