PALMOILMAGAZINE, KUALA LUMPUR – Crude palm oil (CPO) futures (FCPOc3) may test the resistance level at RM 3,985 per metric ton. According to technical analysis reported by Reuters, if this level is broken, prices could rise to RM 4,003 to RM 4,032 per metric ton.
Recent significant price declines could be temporary and not necessarily indicate a reversal in the uptrend. Generally, it may take some time for the market to reach a definitive price peak.
As Palmoilmagazine.com quoted from Reuters, Tuesday (27/8/2024), even though CPO hit its peak at RM 3.985, the analysis predicted the markets (traders) would try to get the level in this very short. On the other hand, if it would get decreased less than at RM 3.927, it would be decreasing to be at RM 3.890 per metric ton, if it happens.
Also Read: Palm Oil Set to Challenge Resistance at 3,953 Ringgit on Wednesday (23/01)
The markets/traders would carefully watch CPO price for its volatility and price fluctuation because of fundamental and technical factors. (P2)
