Palm oil prices extended gains and closed higher at 4697
Technical view:
Market holding well at 4600
Market likely to move within the range of 4600-5220
Stochastic level: Market move towards mid level which indicates sideway range signal in the market
Suggestion Trade:
Market expect to move in range to upward bias ahead of Malaysia Palm Oil Board data release (10 Jan 2022)
Initial Long if market stays above or near support level at 4600
Stop Loss (Support level) 4465
Target Profit (Resistance level) TP1 4900 TP2 5000 TP 5100
Initial Short if near resistance level at 5100
Stop Loss (Resistance level) 5230
Target Profit (Support level) TP1 4700 TP2 4600 TP 4500
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.
Technical view:
Market holding well at 4600
Market likely to move within the range of 4600-5220
Stochastic level: Market move towards mid level which indicates sideway range signal in the market
Suggestion Trade:
Market expect to move in range to upward bias ahead of Malaysia Palm Oil Board data release (10 Jan 2022)
Initial Long if market stays above or near support level at 4600
Stop Loss (Support level) 4465
Target Profit (Resistance level) TP1 4900 TP2 5000 TP 5100
Initial Short if near resistance level at 5100
Stop Loss (Resistance level) 5230
Target Profit (Support level) TP1 4700 TP2 4600 TP 4500
Disclaimer: Trading Carries Risks.
Happy Trading!! Cheers.