The CPO futures market is now above a very critical horizontal support line of RM2,393/ tonne level, as a break below this level would cause significant damage to the daily chart. If it materializes, a breakdown will also complete the “Double Peak” formation as well as eventually lead to a shift in its uptrend, which stretches all the way from the low seen in October 2008.
The near-term outlook of the palm oil futures market remains bearish as we had highlighted here a month ago. A drop below the RM2,393 / tonne level is expected to invite strong selling pressure.
From the current level, the RM2,393 / tonne level is the immediate support while next support is seen at the RM2,310 / tonne level. To the upside, immediate resistance lies at the RM2,501 / tonne level, followed by the RM2,600 / tonne level.
The near-term outlook of the palm oil futures market remains bearish as we had highlighted here a month ago. A drop below the RM2,393 / tonne level is expected to invite strong selling pressure.
From the current level, the RM2,393 / tonne level is the immediate support while next support is seen at the RM2,310 / tonne level. To the upside, immediate resistance lies at the RM2,501 / tonne level, followed by the RM2,600 / tonne level.
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