FundamentalPalm oil settled a choppy session higher on Monday, snapping five days of losses as investors deemed the 5.3% drop last week was overdone. Soy oil ended lower in tandem with soybeans with investors reduced long positions in absence of fresh supportive leads.
However, CPO trading today could be buoyed by improving export expectation and investors’ bargain hunting ahead of Ramadan month after previous week’s sell off.
After five consecutive losing streaks, futures staged a technical rebound after hit intraday low of 3199 and settled in long white candle. Futures likely to test the immediate resistance of 3290, coincidently its Friday’s high and 50 days moving average. Bearish divergence in MACD deemed to keep sellers active. Support and resistance pegged at 3220 and 3300 respectively.
ZLBT Trading Strategy
Aggressive trade may short with stop on close above 3360.
HAPPY TRADING & GOODLUCK2ALL
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