FCPO: Hourly EW Count - Aug 9th 2018

9 באוג׳ 2018

FCPO has reached the extreme upper channel (dotted) at 2265 price level during previous session and is expected to make its way downwards. That being said, we cannot rule out that the correction phase is not over yet. On hourly chart, we can see a possible A-B-C-D-E triangle, governed by the red lines, is currently forming. If price manages to cross below the 2210 - 2220 area (breaking the previous low structure and breaking the lower red line) and slip past the 2175 - 2190, we can assume that bearish momentum starts to gain the upper hand.

Today, FCPO may move in a range-bound as everyone is eagerly waiting for MPOB report to be released tomorrow afternoon. We will see whether the report can give the heavy lifting for the downtrend.