We have seen mind blowing rally in CPO from 350---576 and now it took almost 38.2% correction from its top of 576
Now what to expect???
Anytime we will see reversal in CPO and could take to new high in coming weeks. At this stage we will not recommend our traders to go short in CPO but we will wait for reversal in CPO for buying strategy.
On seeing technical side... We will expect to take reversal from current levels in CPO. 488---483 will be good buying opportunity in it for bottom fishing traders with stop loss below 460 on closing basis for the initial target 100% retracement level of 576 again. Immediate hurdle at 496---508
Positional: Buy CPO around 488---483 with stop loss below 460 for the upside target of 576
More will update soon!!
