CPO Benchmark +MYR104 (3.4%)
Feds Quantutative Easings & Soybean Oil Bolstered CPO To 27 Months High
CRUDE OIL (DEC) 11/08/2010: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The close over the pivot swing is a somewhat positive setup. The next upside objective is 88.07. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 87.67 and 88.07, while 1st support hits today at 86.42 and below there at 85.56.
December Crude Oil closed up 0.54 at 87.03. This was 1.07 up from the low and 0.19 off the high.
SOYBEAN OIL (DEC) 11/08/2010: Rising stochastics at overbought levels warrant some caution for bulls. The market's short-term trend is positive on the close above the 9-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The near-term upside target is at 53.29. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 52.84 and 53.29, while 1st support hits today at 51.60 and below there at 50.81.
CPO RecommendationsTake advantage of OVERBOUGHT & TOP HEAVY profit takings activities.
CPO is bullish ( no arguements there) but some pullbacks & corrections will help the uptrend to continue with recharged momentum
SELL INTO STRENGTH
(keep a tight range stop in case the momentum cease to pause / slow)
Short term LONG holders take profits on next push upside flurry
CPO @3230 would be a nice price to attempt a risky SHORT
Keep stoploss handy
HAPPYTRADING
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