The above is the 15 minutes chart of active FCPO. A break and solid close above the previous high (2970) has brought signal that the FCPO still remain bullish. Speculation has been strong that prices will hit higher so do expectation of some researchers claiming that CPO supply will increase significantly next month which contradicts each other. We are not as concerned as those of the longer term players like hedgers of the upstream or even downstream users of CPO. Having long term view is not really our concern though. As for now, preferred position is to be hold long. Immediate resistant will be the key 3000 psychological resistance. Immediate support stood at 2940 for now.
No comments:
Post a Comment