"-The U.S. stock market finished a choppy trading day on Wednesday generally lower with blue-chips falling the most, as investors reacted mildly to mostly disappointing economic reports. The main indexes traded in a narrow range after a big rally on Tuesday which sent the S&P 500 and the Russell 2000 to record levels. The S&P 500 finished roughly where it closed on Tuesday, down less than a point at 1,873.81 with the energy sector hit the most. The Dow Jones Industrial Average dropped 35.70 points, or 0.2%, to 16,360.18. The Nasdaq Composite closed in positive territory, gaining 6 points, or 0.1%, to 4,357.97, the highest level since April 2000."
FCPO- "I Hope Price Would Retrace For Me To Long."
Hope is a dangerous element to have in trading. Hope that lies in any financial traders are some expensive tool to have because when something got wrong and equity balance starting to diminish, that trader would hope the price does come back for him to break even. Ditch any "hope" when you are trading, and I vouch you can do 100% better than you used to be. These changes will eventually display in your trading performance and financial results gradually. Palm oil price action is still signifying positive progression, making new highs and recover steadily after it went down for some intraday retracement. As most intraday traders will agree price always jittery even after it hit certain new high, these conditions are normal. Price will swiftly "auto balance" as it hit new high or new low as most stop order will be triggered and there is also more traders that wish to enter and exit the market at the same time. Long term outlook still remain Bullish on both technical and fundamental side. Recent drought weather condition likely slow down output while stockpiles recovery are still in check. Long term wise, the benchmark May have to break down below the support trend line in order to temporarily change the current Bullish trend to retracement phase. Conclusion, Bulls are still running rampantly and if you are still holding Short position, be wary as you might be stampede alive. For today, pivot support for May contract is located around 2,841 while resistance is pegged at 2,884.
Daily Pivot Point
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.