The above Palm oil active month chart has showed that palm oil has been consistently trying to break the 2750 strong resistant level. The strong resistant has been tested over and over for about 5 times since May last year. A slight increase in open interest while maintaining at such strong resistance suggest that a major breakout in on the way as the bulls and bears are quite confident with their respective position. Either side losing the battle would mean a strong move on the FCPO pricing.
Overall, FCPO is still awaiting a breakout from the rising wedge. immediate support lies at 2700 while immediate resistant is at 2760 respectively.
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