Main scenario: consider long positions from the control price or support trendline for the target level of 1000 – 1040 – 1080 – 1100 – 1110.
Analysis: Daily time frame – presumably, the crude palm oil has started an Elliott wave and made the 4th wave, and now it’s making a fifth wave. According to EWT, the fifth wave will be completed at 61.8% or 50% of Fib retracement 1+3.
Alternative scenario: breakout and consolidation below the support trendline will allow the CPO to continue declining to the levels of 880 – 760.
Premium features: daily updates, full access to the Moneymunch #1 Rank List, Research Reports, Premium screens, and much more. You΄ll quickly identify which commodities to buy, which to sell, and target today΄s.
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.