Dear Friends & Associates,
Wishing you all good health, peace & prosperity in the Chinese New Year of the Horse!
We are now six days into the Year of the Horse and palm oil prices are on an impressive upward-move after having taken a minor dip in early-trading.
As a rider of two solid stallions, Tordila and Step-toe, for the last fifteen years, I am fully aware that the movements of a horse come in four phases – walk, trot, canter and finally gallop.
Technically speaking, the palm oil prices are in the trot- phase and prospects of the market shifting into the canter and finally the gallop-phase appears to be bright as we move into the last leg of the 1st Q 2014.
Our simple algorithm GMT Trend-Tracker signalled the end of the downward cycle on 5th February (see chart) and gave the buy-signal (around the RM2,540-RM2,550 levels) and showed that the next cycle would be a positive one. Yes, indeed, the market had advanced RM70 per tonne at this time of writing. At this juncture, the upward momentum appears to be sustainable.
BMD – CRUDE PALM OIL – DAILY- GMTEOH-T.T. SIGNALS
The immediate term price outlook would stay constructive and be headed for a test of its next price resistance levels of RM2,640 to RM2,650 before the expiration of the 1stQ 2014
My dear Friends & Associate, we all know that as traders & hedger, in order to archive consistent profitability year-in and year-out, we simply have to position our trades on the correct-side of the market.
Apart from my powerful GMT Trend-Tracker, there are many other very effective technical skills that could help you succeed in this very fluid and always-changing palm oil market. I strongly urge you to attend my Master-Traders Tutorials in Kuala Lumpur ahead of the POC 2014.
The Palm Oil Master Trader Tutorials (MTT)
28th Feb & 1st March, 2014, (ahead of the POC 2014).
For course details and registration
kindly check out at “register-now” at www.palmoil-mtt.com
The fundamental chart on Malaysian CPO production, stock & export. Take a good look and try to make your own conclusions.