Dear Friends, Associates & Graduates of the Palm Oil Master-Traders Tutorials (MTT),
I believe you must have made a killing!
CRUDE PALM OIL PRICES – FOUND THE LIGHT AT THE END OF THE TUNNEL OR IS THERE ANOTHER TUNNEL AT THE END OF THIS LIGHT?
BMD CRUDE PALM OIL DECEMBER FUTURES-DAILY-GMT-TT SIGNALS
The power of the GMT-TT is simply incredible.
The December futures prices dropped like a stone after the GMT-Trend-Tracker triggered the sell-signal on 4th, Sept, and signalled the start of a downward trend. Prices plunged RM820.00 per tonne from RM3,050.00 to a sell-off low of RM2,230.00 on 3rd October. The rest is history.
WHAT IS NEXT?
On 9th October, the GMT-TT triggered the buy-signal and called for an end to the downward cycle and indicated the start of an upward cycle. So far, the upward technical correction has taken the market RM267.00 away from the decline-lows.(as at Friday’s noon close).
Continuation of the upward-move is very likely as speculative short-covering and unwinding of sell-hedges are expected to dominate trading in the coming sessions. The short-sellers are still sitting on a hefty profit despite sharp declines in the open-interest from 68,434 contracts on 10th October to Thursday’s close of 48,805 contracts.
These days, a RM100.00 price move is translated into RM415 million of profits or losses!
Price volatility would persist and choppy-trading conditions can be expected in the coming days. Immediate overhead price hurdle is now seen at RM2,600-RM2,7000 levels. The market is not expected to re-visit recent decline-lows for the rest of 2012.
ICDX CRUDE PALM OIL DECEMBER FUTURES-DAILY-GMT-TT SIGNALS
The Indonesian Commodity And Derivatives Exchange (ICDX) crude palm oil futures plunged from a high of IR 9,225 per kilo on 4th Sept and made a sell-off low of IR7,050 on 3rd October.
Signals from the GMT-TT confirmed the start of the bearish trend on 4th Sept. (see chart).
On 9th October, the GMT- Trend-Tracker gave the buy-signal and called for the beginning of an upward trend.
Prices reacted upwards strongly to this signal and recovered IR750 per kilo from the decline-low prices.
Upward momentum is expected to expand and the December futures are set to test it immediate upside resistance-target at the IR8,200-IR8,300 levels in the coming days..
The Indonesian Palm Oil Master Trader Tutorials (MTT) organized by GBWORKS would be held in Bali, Indonesia, on 26th & 27th November, 2012. This Tutorial is ahead of the IPOC.
For registration and further details kindly check out at “register-now” at
www.palmoil-mtt.com or contact me.