"-U.S. stocks ended mostly lower on Wednesday, with the S&P 500 and the Dow Jones Industrial Average extending their losing streak to four straight sessions.
FCPO: Flood On Certain Part Of Malaysia Spur Rally
Yes, you heard it right, flood on certain part in the country is the likely caused for the price to be supported so far. The area that have been affected in the country is central Pahang and Southern region, Johor. Those state are also center of palm oil plantations and production are situated and if the weather does not improve quickly, productions will likely slow until the first quarter next year. Palm oil futures is likely gap up today judging from recent recovery on Soy oil as well. The most active traded Soy oil contract went up another 0.12 cents to 40.49 cents per pound as the time of writing, over coming past two session high. Long term perspective for the benchmark Feb remain positive with noticeable higher highs and higher lows being formed. No trouble for the market to go up in the hourly and minutes time frame as both short term and medium time frame are also showing promising signs of recovering further. Yesterday, the benchmark Feb went up to 2,659 level, blowing past the high since 2nd Dec 2013. For today, look no further to Long when the benchmark Feb contract went past above 2,660 level while market is likely giving you more opportunity to go Long if it traded lower in the afternoon session, just maybe. Pivot support for the Feb contract is located at 2,629 while resistance is pegged at 2,688
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.