Dear Friends & Associates and Graduates of the Palm Oil Master-Traders Tutorials (MTT).
They say that “the only thing certain about the commodity markets is the uncertainty!”.
Our reliable and time-tested GMT2/5 trend-tracker triggered the sell-signal on 30th May, resulting in prices entering into a three-week sustainable bearish trend.(see chart).
As of yesterday’s close (19th June), the GMT2/5 gave the buy-signal and showed that the downward momentum is over.
For the immediate term, CPO prices for the September futures are likely to trade higher and has an immediate upside-target at around the RM3,050-RM3,175 levels.
My call now is to buy with a tight good-to-cancel stop-loss at RM2,890.
BMD CRUDE PALM OIL SEPTEMBER FUTURES-DAILY-GMT2/5 SIGNALS
The CME soyoil futures prices are in bullish convergence based on the GMT2/5 and indicated that the downward trend has come to an end. I would like to remain cautiously bullish on soyoil for the immediate term.
I can now feel the effect of EL NINO in Malaysia & Indonesia and also the adverse hot-dry weather in Midwest as the soybean crop enters into its blooming stage.
Those who left the KL POC2012 in March thinking that prices would hit RM4,000 in June, may not have their dreams fulfilled.
In commodities trading, it is very unwise to “climb-rainbows” or “jog in the dark”. When too many people believe in the same thing, nothing is likely to happen. In the financial markets these days, “guru” is regarded as a four-letter word!
It would be better if we remain humble and be a student all the time and believe what the market is telling us about itself. Markets are never wrong – our opinions are!
Tonight, 20th June, I shall be conducting a Palm Oil Trader’s Short Course to help traders re-focus their focus. For details & registration please log on to https://palmoil-mtt.com/short-course/
The Indonesian & Malaysian Palm Oil Master Trader Tutorials (MTT) would be held in Medan on 28th & 29th September & Kuala Lumpur on 6th & 7th July, 2012.
For registration and details kindly check out at “register-now” at www.palmoil-mtt.com
or facebook page at http://www.facebook.com/pages/Master-Trader-Tutorials-MTT/165858080212473
Wishing you the best.