Dear Friends & Associates,
Technical price outlook for the BMD Crude Palm Oil futures remained constructive on Friday’s close and signalled that the immediate term trend would continue to head north.
The trend-tracker GMT2/5 indicator gave the buy-signal on 3rd Feb and remained in bullish divergence as at Friday’s close. Please see chart.
Its successful punch above the minor resistance of RM3,200 on Friday shows that the market has the positive momentum to advance.
An immediate technical hurdle now stands at the RM3,250-RM3,280 levels. A successful close above these levels next week would signal the resumption of the upward rally and set the stage for a test of its next technical upside-target at around the RM3,300-RM3,350. I would look to trade on the long-side in the event of any technical adjustments or correction on account of long-liquidation profit-taking activities.
BMD Crude Palm Oil Futures
The Indonesian Commodity & Derivatives Exchange (ICDX) Crude Palm Oil futures turned positive on 3rd Feb with the triggering of the GMT2/3 crossover signal and surged strongly to establish fresh nine-month high on Friday’s close.
Overhead resistance at IR9,250 and IR9,400 were easily vaulted during the run-up last week. This indicates that the technical momentum of the market is firm.
As at Friday’s close, the trend-tracker GMT2/5 stayed in bullish divergence and suggested that the 11-day upward rally is not completed and has the underlying strength to advance and make fresh highs for 2012.
Immediate term upside target is now seen at IR9,800-IR9,950 levels. Any price retracements in the coming week would be good opportunity for entering long-position.
My Indonesian friends & associates, you can still attend the Palm Oil Master Trader Tutorials to be held in Medan on 20th-21st Feb and Jakarta on 23rd -24th Feb 2012, by registering today and make payment on the day of the tutorials.
For your convenience, the Kuala Lumpur tutorial will be held immediately after the POC2012 Conference.
Register within the next 3 days to continue to enjoy Early Bird rates
For more information, please click here www.palmoil-mtt.com
Thanks very much and we look forward to seeing you in Medan & Jakarta.
Chief Coach, Palm Oil Master Trader Tutorials