Crude Palm Oil Likely To Bearish Trend
CommodityOnline | Aug 06, 2014 01:53AM ET
CPO prices broke the immediate trend line support of 512.5, the trend turns bearish and expect to continue the downfall towards 508.6 followed by 505/503 levels.
CPO Aug MCX/NCDEX: CPO prices plummeted sharply from the high of 518.1 and closed the day at 511.5. As prices broke the immediate trend line support of 512.5, the trend turns bearish and expect to continue the downfall towards 508.6 followed by 505/503 levels. Furthermore, daily RSI (14), is turning lower confirming the bearish outlook in the near term. On the other side, a direct rise above 525 could negate our bearish outlook. Overall, sentiments are on the bearish side and recommend sell on pullbacks.
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