Palm Crude Oil Futures FCPO short-term still looking bullish.
Profit Chip of PFT indicator at 38%, if surpass 50% greater chance to reach upper trend line resistance @5500
Bull Bear Energy (BBD) indicator show Dark Green bar turning into Light Green (momentum turns weak) - short term correction on way.
#fcpo #fcpo1! #bursasaham #palmoilfutures #commodities...
Palm Oil prices extended gains and closed sharply higher at 4993. As market eyeing on upcoming MPOB data to assess the impact on production from flooding in recent weeks disrupting harvesting activities . MPOB data is scheduled to release its Dec data on Monday.
Factors continue to affect palm oil prices:
1. Ongoing flash floods in several states continue to...
Palm oil prices posted gains and closed at 5123, after touched on resistance at 5164. For your information, FCPO January contract expired last Friday. Next Monday onwards will be started to trade on FCPO April contract.
Factors continue to affect palm oil prices:
1. Market remained concerns over labour shortages which caused lower palm oil production.
Palm oil prices slumped and closed at 4408. Last week palm oil prices broken support level at 4700 and touched on weekly low at 4245.
There were several factors we can look into:
1. Market plunged about 4.5% on Wed after cargo surveyor reported larger than expected drop in export
2. Price movement in global vegetable oils market also affected palm oil prices
Palm oil prices closed higher and back to the range of 4700-5200.
Several Factors that make the palm oil prices back to the range of 4700-5200 as below:
1. Weakness in soybean oil after US raised proposal to scale back biofuel blending mandates
2. Shortage of Workers due to coronavirus pandemic & higher cost of recruitment as palm oil producers make changes in...
Palm oil plunged as expected last week. Market hit weekly low at 4567 and closed at our 1st resistance level.
Main reason of the weakness in CPO market due to the uncertainties over the impact Omicron coronavirus variant which dented demand for CPO.
1. Immediate resistance level: 4700-4730
2. Stochastic level= Sell Signal remain
Palm oil markets has been ranging between 4750-5220 since Oct 2021, topics remained hot within the palm oil industry including
1. labor force shortage,
2. global supply and demand concerns amid resurgence in COVID-19 cases especially in Europe.
3. related edible oil due to weather concerns and
4. OPEC+ decisions to maintains its output
Palm oil bounced as bargain buying and persistent sentiment of tight supply moving into Nov and Dec.
1. CPO prices landed at support level of 4500 and bounce
2. Uptrend Line Well holding
3. Stochastic maintain uptrend signal
In short, maintain ranging to uptrend view in coming week.
immediate support level 4500
immediate resistance level...
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.
1. touched support level at 4750 and bounced
2. hammer formed at support level
3. stochastic at oversold level
Can seek for long...
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.
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.
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
1. Yesterday 15min TF consist of 3 inside up, Bearish engulfing.
2. Today's price has fake breakout when price open below yesterday low and price close back inside the range for 15min TF.
3. 5min TF has a bullish engulfing pattern.
4. Notice the bullish flag pattern.
1. Wait for a breakout the flag pattern
2. 15min price pullback and maybe retest...