Joined: 24 Oct 2007
Location: KL, M'sia
|Posted: Sun Dec 29, 2013 2:19 pm Post subject: Weekly CPO Forecast – 30 Dec – 3 Jan
|Dear Traders & Investors,
Good day everyone !
Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed higher on Friday in weekly chart. Bullish sentiment was due to weak Ringgit and supply squeeze in first quarter of coming new year. The March contract settled at 2632 with approximately 19,100 contracts. This week, we reckon CPO prices might continue to climb higher while moving into first week of January. The technical support will lie at 2550 and resistance stays at 2700 regions. Range trading is expected for this week as volume could be slow.
Have a great year ahead ! Happy New Year ..... 2014