FCPO- Calling Up Trade Ideas For Today.
Oversold reading might be going to another level at the moment if the market keep on dropping. For today, braced for some speedy recovery from FCPO after it corrected fro the past five sessions. Short term double bottom is detected as shown on chart above and this area might provide a good guess for current support level. Apart from that, Soy oil for May contract surge more than 1.2% overnight, making this recovery for FCPO more possible today. More technical rebound is likely to happen if the price went above 2,400~2,404 today. Traders are reminded that medium term palm oil price outlook remain Bearish.
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.
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