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Monday, April 8, 2013

CPO Analysis For The Week Ahead 08 Apr 2013

CPO Technical Outlook
The benchmark June contract was consolidating this week and some trad­ers were cautious ahead of key fundamental reports and preferred to stay on the side-lines.
Last week’s palm oil price movement showed that the market was directionless while waiting for the fun­damental reports next week to gauge on the next price movement.
The benchmark level of RM2,360 will continue to be monitored to determine if the palm oil prices could be supported at this level.
Any price break below RM2,340 would attract more technical selling and long liquidation in the market.
Resistance would be pegged at RM2,430 while support will be set at RM2,340.
In addition, the increase worries on the bird flu outbreak in China also con­tributed the fall in soybean prices which could reduce the demand in feeds. 

Sell Into Strength 

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