Shooting star in the making?
Tomorrow candle will confirm whether reversal will take place or not.
However, price was showing its weakness on attempt to break the trend resistance this morning.
Soybean Oil ZLV3
This is TF60 chart. At the moment, price is moving inside triangle. If harmonics pattern to form, it is between Bullish Gartley or Bullish Crab. In above chart, I drew Bullish Gartley as it is seem more logical. If the price fall more lower, then we can take Crab where the TPs for Crab are at 2.24 and 3.618.
Once the price break the triangle, expecting price to fall at 127.2% at least or to 162.8%..
Crude Light (CL)
This is TF4H chart. Price broke the trend-line resistance already prior to news of US missile strikes on Syria just now. However, at the moment, price failed on 1st attempt to break the highest resistance. I believe, it will break soon. An attack on middle east will spike the Crude price.
USD/MYR
Now USD 3.3300 against MYR. Lucky me to receive USD money (adsense) at the high price.
Key points:
1) Soybean oil might take a rest after huge spike in last 2 days and might cooling off CPO too.
2) The increase in Crude oil price will result in alternative demand on CPO as palm oil is use for biodiesel production as well.
3) A weakening of MYR, gives advantage for foreign importer to buy CPO.
4) KLCI is expecting to continue to slide together with regional market on US strikes news.
5) CPO at resistance, and Daily RSI already at overbought level.