Current Market Overview:
The FCPoc3 has recently reached a high of 3990 in the current upward leg. However, the price is likely to face significant resistance in the 4000-4050 MYR range. This zone may prove difficult for prices to clear in the near term.
Market Sentiment: It appears that DCE, along with MYR, has become overextended. I’m sharing detailed values to support this observation. While there’s a possibility of a short-term rally to take off stop losses of multiple Natural Shorts, I believe we may soon see a downward correction. During this correction, the market will attempt to establish longevity at current levels. If this longevity does not materialize, alternative scenarios may unfold.
VoMo Values for your reference
Interestingly, the same overextension traits are not currently visible in RSO and Bean Oil. This indicates that we might not see an inverted V-shaped formation. Nonetheless, it’s prudent to remain cautious and prepare for a potential correction.
Technical Setups for Reference:
a. On the Daily Time Frame: Negative Reversal formation between 3985 and 3924,
b. On the 6-Hourly Time Frame: Negative Reversal between 3990 and 3923,
c. On the 4-Hourly Time Frame: Negative Reversal between 3987 and 3966.
Market Outlook:
If these Negative Reversals are broken, we could witness substantial momentum in the market. However, my assessment suggests that the existing Negative Reversal Setups, extended VoMo values, and the significant resistance in the 4000-4050 MYR zone are likely to prevent prices from breaking through easily to the upside.
FCPO Intermediate Term Charts
Conclusion:
In summary, I anticipate a potential correction. The extent of this correction remains to be seen, and we’ll have to monitor the market closely as it unfolds.
Best regards,
Note:- 1. Above information is only for Educational Purposes only, These are not a trade recommendation,