Crude Palm Oil Downfall Towards 515 Levels
CommodityOnline | Aug 01, 2014 06:57AM ET
As prices broke the immediate trend line support of 517, could continue the downfall towards 515 followed by 512. But, it needs to clear another long trend line support of 511.5 for the bears to grip in the counter towards 508.6/505 levels.
CPO Aug MCX/NCDEX: CPO prices tumbled down from a high of 520 and closed the day at 516.2. As prices broke the immediate trend line support of 517, could continue the downfall towards 515 followed by 512. But, it needs to clear another long trend line support of 511.5 for the bears to grip in the counter towards 508.6/505 levels. A sudden swell in volume coupled with drooping daily RSI (14) is also supports the sentiments. However, if unable to clear 511.5 could see sharp bounce back to 519 levels.
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