happytrading96

Will Palm Oil Back to 5000?

Long
MYX:FCPO1!   CRUDE PALM OIL-RINGGIT FUTURES
FCPO formed hammer at immediate support level at 4750 by last Friday and bounce following MPOB data today.

MPOB data showed flat to lower production and extended labor crunch slowed harvesting activity continued.

Technical view,
1. touched support level at 4750 and bounced
2. hammer formed at support level
3. stochastic at oversold level

Can seek for long entry with immediate resistance level at 5100 and immediate support level at 4800.