FCPO: A Bullish Market?
Monsoon season is here. On Friday 27 Oct 2017, CPO futures traded extended its gains supported by strength in overseas rival oil and rise in Oct export.
Exports of Malaysian palm oil products rose 8.6%from 1,085,116 tonnes to 1,177,939 tonnes between 1 Oct to 25 Oct 2017. MPOA data release showed palm oil production up by 10.5%.
For aggresive players:
Resistance seems to be at RM2,820 which coincides with 50% fibo levels on Weeklys.
Support seems to be at RM2,810 - 2,812 level.
Nonetheless, the current trend of FCPO is still Bullish and I would prefer for market to test ~RM2,784 level before continuation of the trend with a target of ~RM2,874 level.
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