Palm oil range lower as market remained cautious ahead of export data and MPOB data release. However stronger rival oils and global supply concerns remained support. Palm oil range: 4800-5100 Stochastic level at 50.00 indicates market direction remain uncertain.
Malaysia slumped despite US markets gains as the proposed one-off prosperity tax and weighed market sentiment. However, the valuation of the local market remained attractive despite the Prosperity Tax compared to regional peers. Market hit day low at 1523.5 and reached on the Major support level at 1520. Stochastic level near to Oversold level at 30.00. Pending...
Palm oil prices remains at 5,000 last week. As market remained concerns over low production and inventories due to labor shortage. However, reducing in export demand capped gains. Market likely to move within the range of 4750-5250 in near term, until market break from the price range and sustain above 5250 or below 4750, then follow by new direction. While...
Technically speaking, market selling force remained strong despite Malaysia Budget 2022 having the highest allocation compared to previous budgets, the hurt of pandemic is relatively hard. We shall say the Budget 2022 mainly for economic recovery and digitalization boosting. Market likely to continue to move lower to test on the immediate support level at 1535,...
Palm oil prices remained strong due to rising in export demand while labor shortage, lower productions and inventories issues remained. Palm oil market major trend remained UP. However, near term likely to move within the range of 4950 (support) -5250 (resistance). Strategies to apply: Long when near Support level Short when near Resistance level With...
Profit taking activities and market lack of catalyst led market lower ahead of the announcement of Malaysia Budget 2022 by 29 Oct 2021. Stochastic shows buying forces deteriorating. Maintain short term correction view with immediate support level at 1550 and next support level at 1520. Market may rebound after tomorrow announcement. We shall see market resume...
Palm oil candlestick range getting smaller, selling force seems standby-ing to short the market. Despite tons of tight supply reasons persisted, that supporting palm oil, including related edible oil gains, labor shortage due to pandemic led to lower production. Immediate resistance level at 5250, while stochastic indicator shows buying strength weakening....
Market in muted mode, traders tend to stay sideline or reducing position in hand before announcement of Malaysia Budget 2022, by this Friday. Stochastic shows market strength deteriorating, signalling stronger in selling force. In short, market bullish view with immediate support at 1550, followed by 1520.
palm oil deep fall on last Thurs, yet on Friday palm oil prices bounced back from the weakness as tightness in palm oil supply remained support. Another factor could be the next focus, that is weather concerns. La Nina is expected by the 2nd straight winter, hit soybean means hit soybean oil as well. Highly expected retracement in palm oil may not last long...
Gold/ Micro Gold -market closed slightly lower after tighter range move as traders continued to monitor strength of dollar and US treasury yields -market likely to move in range to lower if market stays below 1780; target market range 1750-1782 -support level: S1 1775 S2 1767.7 S3 1760.5 -resistance level: R1 1790 R2 1797.3 R3 1804.5 -yesterday daily settlement:...
WTI Crude/ Mini Crude -market slumped following forecast for a warm US winter weighed despite tight supply and global energy crunch -market likely to move higher if market stays above 82.50; target market range 82.50-85.85 -support level: S1 82.00 S2 81.25 S3 80.49 -resistance level: R1 83.00 R2 83.75 R3 84.51 -yesterday daily settlement: 82.50 mid: 82.38 strategy...
Soybean Oil -market reversed gains and closed lower on technical selling and profit taking after recent surged despite latest export soared -market likely to move lower if market stays below 62.50; target market range 60.00-62.50 -support level: S1 62.00 S2 61.39 S3 60.77 -resistance level: R1 63.00 R2 63.61 R3 64.23 -yesterday daily settlement: 62.58 mid: ...
candlesticks formed long black bar ( bearish engulfing ) at resistance level . Besides, MACD starting to cross down, signaled downtrend started. We shall see FCPO decline in coming days. Traders may take this opportunity to short in market with stop loss at the high of 5220. -market extended gains closed at record high as Oct export data improved amid lacklustre...
After recent rallied with the strength in plantation stocks and banking industries served support, market somehow touched on the resistance level at 1600-1620. Profit taking activities likely to step in, with nearest support level at 1550-1565. MACD showed divergence too. Who holding long position please take note, as market may have small correction after...