FCPO is trading in an uptrend and also completed the Elliot Wave 1-5 together with an ABC correction for leg 1 & 2 since October 2011 till December 2011. Is this the making of the leg 3 ??? Currently the cpo price is trading above 3200 as at last friday closing and also above the 200-days MA. Support can be found between 3100 - 3130 which is the 200-days MA and 20-days MA, if it break below 3100 the next support will be at 3000. Immediate resistance is pegged at 3270 and the next level is 3350.
Both the RSI and MACD show sign of divergence, if the cpo price trade above 3270 need to be caution cause a pullback is expect before it can go furrther.
In the weekly chart it formed a doji candlestick indicate some indecisiveness, however there is still no sign of reversal. A higher low were spotted in the chart and I'm expecting the cpo price to re-test the immediate resistance 3270 and probably break above the resistance in the near term.
In 60min chart, the price is current trading above the ichimuko clouds and RSI is above 50.
Immediate support in the 60min chart can be found at 3176 and resistance is pegged at 3244 and next level 3270.
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