FKLI Recommendations
CRUDE palm oil futures on the Bursa Malaysia Derivatives continued its rally marginally for the fourth consecutive day yesterday, as global concerns ease amid tightening supplies, dealers said. "Heavy rain from seasonal monsoon had disrupted production and low output conditions may last until January," a dealer said. He said prices are tracking gains across other commodity classes as well.December 2010 fell RM4 to RM3,566 a tonne, January 2011 gained RM7 to RM3,535, February 2011 rose RM14 to RM3,500 and March 2011 inched up RM2 to RM3,453.
Volume slipped to 20,223 lots from 20,240 previously while open interest fell to 79,484 contracts from 80,024 on Wednesday. On the physical market, December South perked RM5 to RM3,550.
FCPO Recommendations
BUY ON DIP / WEAKNESS
TECHNICAL OUTLOOK
SOYBEAN OIL (JAN) 12/03/2010: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside objective is at 53.70. The next area of resistance is around 53.30 and 53.70, while 1st support hits today at 52.38 and below there at 51.87.
January Soybean Oil finished up 0.23 at 52.84, 0.35 off the high and 0.57 up from the low.
HAPPY TRADING
No comments:
Post a Comment