Friday 29 Mar 2024
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KUALA LUMPUR (July 25): AllianceDBS Research said the October 2017 crude palm oil (CPO) futures had on July 24 gapped down to a low of RM2,542, before rebounding to close near the day’s high at RM2,553 (down RM17 or 0.66%).

In its Trading Pulse note today, the research house said following the down close, the commodity is likely to move lower again with immediate support at RM2,490.
“A fall below RM2,490 would put pressure on the commodity down to the subsequent support zone, RM2,425 – RM2,450.

“Market hurdle is pegged at RM 2,590. A crossover of RM2,590 should see a test of next resistance at RM2,615,” it said.

AllianceDBS Research said the moving average analysis shows the commodity is in sideways, as the shorter 20-day MA line (blue) is marginally above the longer 50-day MA line (red) and gap between these 2 MA lines is seen not widening.
 

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