Description
⋅ Palm Oil market has been ranging for the past few weeks:
Reasons behind as below:
1. Rising in new COVID-19 cases in Europe (- export demand= price drop)
2. Weakness in Crude Oil and Soybean Oil (- demand= price drop)
3. Weather concerns (- supply = price up)
4. Labor shortage (- supply = price up)
5. RM weakening (+ demand = price up)
Technical View:
1. Strong resistance level at 5000
2. Stochastic at Overbought level, K% & D% line cross down (Sell sign)
Suggestion Trade:
Short
Stop Loss (Resistance level) 5220
Target Profit (Support level) 4650, 4500, 4385-4400
Happy Trading!! Cheers.
** DISCLAIMER: FOR INFO ONLY. TRADING CARRIES RISK