What have you been missing so far.
"Wonder what is the U shape curve above or below a certain candle above this daily chart ? That is called a turning points for current June contract. Notice that the market usually always go into a ranging period or a sideways period before continue to head into that direction. Example the first curve above on Feb 12th to Feb 19th before heading down to for some retracement. Another curve would be located below the candles from March 2nd to 4th, see how the price rebounded a few times and gradually rally from that low ? The final curve would be situated above few candles happen on 29 March to 5th April before the June contract came down for some major retracement. My point is, there is no base for us to expect any curve yet, in another words, there is still no sign of any price recovery. What we can expect now would be getting Short when the price recover, the higher the better. Palm oil futures is likely open higher with soy oil recent surge. The soy oil for May contract suddenly surge about 0.27 cents from 33.87 cents yesterday evening to 34.14 cents this morning. While most of the fundamental is gradually shifting to neutral, we are still accessing the impact of yesterday MPOB palm oil increase production report. Malaysia is still manage to record higher production even with this hotter weather while Indonesia is having production cut everywhere up to 60% and could last until this June 2016. Crude oil hit $41 per barrel overnight, maybe that would serve some sort of barometer to overall commodities prices around the world. For today, range for June contract likely 2645~2690."
-The article above is part of my daily news letter.
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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