Overview of the FCPO Market on 22 November 2024

Bearish Momentum Across All Timeframes
The FCPO market on 22 November 2024 exhibited strong bearish control across daily, hourly, and intraday charts. Breakdowns below key support levels and rejections at resistance zones highlight sellers' dominance.

Swing and Intraday Strategies Favor Short Positions
The technical analysis supports a short-selling approach, with entry opportunities near resistance zones (4,700-4,750). Targets for swing traders are around 4,600, while intraday traders can aim for 4,620, with tight stop-loss management above 4,800.

Potential Reversal Hinges on Key Support Levels
While the daily bullish trend isn't entirely invalidated, continued pressure from external factors like rising inventories and weak export demand suggests further downside. A reversal requires a confirmed bullish setup, which remains absent.

See full analysis from Master FCPO Trading website.