Primary Sentiment : Positive
Immediate Trend : Positive in Overbought Territory
Volatility engulfed palm oil futures trade as prices is seen to have risen too rapidly. Profit taking was a prominent feature in a technically overbought situation. Supply concerns, a theme in this recent price performance capped losses. SPPOMA 1-20 days registered production decline of about 17 percent.
Fitch Solutions raised its average palm oil price forecast for 2020 to 2,450 ringgit from 2,300 ringgit previously, saying that imports by top buyers India and China recovered strongly in May and June, following a sharp drop in demand due to Covid-19-related disruptions during January-April.
Chart wise the market is in a technically overbought situation and therefore the high volatility situation can be persistent under current conditions. However, the underlying is firm and likely to withstand any profit taking price action. Any breather is seen to be a opportunity to buy. Levels around the 2550 zone is seen to be good support.
Support 2550 Next 2500
Resistance 2700 Next 2750
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