HAIDOJO_trading

critical support 3010 is broken...possible more selldowns

שורט
MYX:FCPO1!   Crude Palm Oil Futures
one of the critical support 3010 is broken today...I believe market is trading towards the downside...expecting more selldowns afterwards...of course, market is a bit volatile when it closes to the 16th of the month, the exchange date...If you trade fcpo long enuf, you will know what I mean...fcpo-march is going to experience low vol soon as fcpo-Apr will emerge as the new active month...

the trend should be clearer after the 16th Jan 2020, but still, market might has bias towards the downside now...unless higher-high is made after the 16th, a breakout of the price exceeding the 3150 then we shall see the price challenges new high after that...

a broken to the downside will see the price retest the previous resistance-turn-support level such as 2930...as shown in the diagram, has been tested multiple times before the new highs are set...

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