Thursday, 5th Sept 2013. Palm oil futures starting to weaken further yesterday as the good news on increase demand is gradually wear off. Other news to follow.
"-U.S. stocks gained Wednesday for a second straight day as Ford Motor Co. posted its best retail-sales month in seven years, while investors kept one eye trained on the debate over prospective U.S. intervention in the Syrian civil war. After an early 35-point retreat, the Dow Jones Industrial Average DJIA +0.65% rose as much as 123 points and finished up 96.91 points, or 0.7%, at 14,930.87. The S&P 500 index SPX +0.81% advanced 13.31 points, or 0.8%, to 1,653.08, with telecommunications and health care the best performers and utilities the sole decliner among its 10 major industries."
"-Asian stocks were mostly lower Wednesday, as renewed concerns over U.S. military intervention in Syria weighed on regional sentiment. The Hang Seng Index HK:HSI -0.31% fell 0.3% to 22326.22 and the Hang Seng China Enterprises Index was 0.2% lower at 10233.03.
"-November Soybeans finished down 34 1/4 at 1352 1/2, 34 3/4 off the high and 11 up from the low. January Soybeans closed down 34 at 1351. This was 10 3/4 up from the low and 34 off the high.
FCPO- Staying Above The Positive Support Trend Line
Palm oil futures is still deciding whether to temporary disembark current Bullish train as it retreated substantially since last Thursday. Market is always hungry for the next news for it to move and if it does not find it, sideways will be the next direction. Uncertainty however, is a different story all together. Market would be heading into negative momentum if there is any heavy uncertainties arise regarding stockpiles or demand figures. But that is not we are expecting at the moment. What we are trading right now is a retracement after the market went up to 8 weeks high last week. There will either a nasty retracement or sharp correction when the market retrace from a steady uptrend. Technically, the benchmark Nov is attempt to cover up some part of the continuous gap occur on 26th Aug but still hovering on uptrend momentum as the second support trend line still hold up well. If anything goes wrong from there, further weakness is expected if the benchmark Nov manage to breach below the second support trend line located around 2,380 this week. Pending on the upcoming fundamental data announcement from MPOB, market is likely hovering within range trading around 2,380~2,438.
Daily Pivot Point
R2=2427
R1=2413
S1=2388
S2=2377
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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