FCPO underwent it’s bull market correction last week as highlighted in FCPO Dec Part 3 Outlook. Congrats to Trend Followers that exited 11 & 12th Dec short sells when market unable to break around 2,545-50 level or at your own trailing stops. Now what is in store for FCPO for the remaining weeks of this year?
According to Day Chart (chart 1), FCPO is at a 50-50 scenario and hence observe the following scenarios throughout this week to avoid getting sandwiched in a big range. Based on day chart, FCPO will have a bull market rally if day MACD forms a golden cross and subsequently market could test 2,692 resistance (refer weekly chart for resistance zones).
On the other hand, if day MACD fails to form a golden cross, FCPO could resume it’s bull market correction to 2,550 support zone. It will have a much stronger bull market correction if 2,550 support zone are broken and could see it go down to around 2,485 support zone.
Weekly Chart below (chart 2) shows important support and resistance zones. Keep in mind, FCPO is not going for a crash or a yearly bear run yet. Weekly chart shows whatever correction/retracement are just bull market correction because since Dec 3 FCPO weekly prices are trading above red moving average.
The opinions and information contained herein are based on available data believed to be reliable and for educational purposes only. It is not to be construed as an offer or solicitation to buy or sell the securities covered by this report. No individual financial strategy or goals have been taken into account in the preparing of outlooks. Readers should seek independent advice from author about specific and detailed analysis.
(Futures commission broker & equity remisier, Contributor of futures market trend following)