During previous session, FCPO slid lower towards the demand zone (2190 - 2200) before bouncing upwards. Moving forward, the upwards momentum may be short lived and price may go downwards right away early in the morning session. A sharp fall towards the gap area is possible assuming the demand zone (2190 - 2200) that was tested yesterday has been partially or completely consumed. A strong and solid fall is a clear manifestation of unfolding wave 3 of (i) of (5).
We, however, expect FCPO to continue to edge up until it reaches the supply zone (2225 - 2230) before it starts to move downwards.
If market succeeds to stay above 2225 - 2230 area by end of the day, we may see a new high forming tomorrow (thanks to the new spot month contract). The new top will be limited by confluence area (2265 - 2275) and its extreme high will be governed by the upper channels (dotted and solid lines).
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