Week 30 (20th to 24th July 2020) Futures code: FCPOX 2020
This is my first post analysing CPO Futures and I will try to make it a weekly post. Historically 2650 is a good Resistance level to watch and in the past 3 days CPO prices were failed to breached through. RSI Stoch also is starting to bend down, along with a slowing down in Bullish momentum.
If you are an aggressive trader, you can start Shorting FCPOX 2020 at 2650 (Sell Limit), alternatively if you are a confirmation trader, you can wait whether today's price will be closed as a bearish candle.
This week trade call: Entry at 2650 (either at market or Sell Limit) Stop Loss at 2690 Take Profit at 2505 Optimal Take Profit at 2450 RR ratio, at least 1:3
Always secure your profit by moving your Stop Loss at Entry Point after the price is moving towards your profit zone.