ZLBT Chats

Friday, November 12, 2010

Malaysia Derivatives Exchange >>> Crude Palm Oil Futures

Mild Profit Takings Capped CPO Prices
Crude palm oil futures on Malaysia’s derivatives exchange came off their highs Thursday, staging a mild correction after recent strength as investors booked profits after a 1.7% intraday surge.
Rising concerns that global supply of vegetable oils will fall short of demand shoved CPO futures to their highest level in 28 months in early trade.
The benchmark January contract on the Bursa Malaysia Derivatives ended MYR3 lower at MYR3,396 a metric ton, after touching to MYR3,452/ton intraday.

SOYBEAN OIL (DEC) 11/12/2010
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. There could be more upside follow through since the market closed above the 2nd swing resistance. The near-term upside objective is at 56.16. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 55.78 and 56.16, while 1st support hits today at 54.28 and below there at 53.17.
December Soybean Oil finished up 1.08 at 55.03, 0.02 off the high and 1.48 up from the low
CPO Rekomen
Intraday Target 3420 > 3430. Positional Target 3488 > 3500
(Suggest : Keep a handy STOP just in case)

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