The CPO futures market has been struggling at around the very crucial support floor at the RM2,393/ tonne level since last week. Although it is already trading at below this key support level, we still have not seen a typical breakdown in the price. We had been expecting the CPO futures price to drop drastically once the RM2,393 / tonne level was violated. This level has yet to be convincingly violated at the moment.
The near-term outlook of the palm oil futures market remains bearish as we had highlighted in this column previously. We still believe that once the RM2,393 / tonne level is violated decisively, strong selling pressure is expected to kick in.
From the current level, there is immediate resistance at the RM2,393 / tonne level, followed by the RM2,501 / tonne. Immediate support is now seen at the RM2,367 / tonne level, followed by the RM2,310 / tonne.
The near-term outlook of the palm oil futures market remains bearish as we had highlighted in this column previously. We still believe that once the RM2,393 / tonne level is violated decisively, strong selling pressure is expected to kick in.
From the current level, there is immediate resistance at the RM2,393 / tonne level, followed by the RM2,501 / tonne. Immediate support is now seen at the RM2,367 / tonne level, followed by the RM2,310 / tonne.
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