The near-term technical outlook of the CPO futures has become bullish since it returned back above the “Neckline”.
The market is now testing the “Double Peak” at the RM2,726 / tonne level. This is a very tough resistance. Should this level be violated, another very tough resistance lies at the RM2,799 / tonne level. To the downside, there is immediate support at the RM2,610 / tonne level, followed by the RM2,571 / tonne level.