CPO BEARS STILL IN CONTROL
The FCPO active month contract ended slightly higher on Monday due to stock growth slower-than-expected and SGS released the export figure which showed Malaysia palm oil export rose 0.4% in the first ten days which had boosted sentiment. At the close, the FCPO price was up 16 pts to 2,313.
Based on the daily chart, a small positive candle formed on Monday where it indicated that mild buying interest supported the FCPO price. During the trading session, price went down to as low as 2,288 but it did not break below the previous low level at 2,280. As we can see in the chart, the price still trading above the uptrend support line and to rise further, it need to break and close above the range resistance level at 2,320.
Referring to the MACD indicator, MACD line crossed below the signal line where the bearish sentiment could be building up. As always, intraday support and resistance levels will be eyed.
Technical indicators
MACD= Negative ADX= Negative
Intraday technical support & resistance for 11th Dec2012
1st support 2,280; 2nd support 2,250-20
1st resistance 2,320; 2nd resistance 2,350
Based on the daily chart, a small positive candle formed on Monday where it indicated that mild buying interest supported the FCPO price. During the trading session, price went down to as low as 2,288 but it did not break below the previous low level at 2,280. As we can see in the chart, the price still trading above the uptrend support line and to rise further, it need to break and close above the range resistance level at 2,320.
Referring to the MACD indicator, MACD line crossed below the signal line where the bearish sentiment could be building up. As always, intraday support and resistance levels will be eyed.
Technical indicators
MACD= Negative ADX= Negative
Intraday technical support & resistance for 11th Dec2012
1st support 2,280; 2nd support 2,250-20
1st resistance 2,320; 2nd resistance 2,350
HAPPY TRADING
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