HLBank Research Highlights
Trading Idea - FCPO: Rangebound trading
- Despite lower June production data, palm oil prices declined 3.4% wow to 2192 as “Grexit” crisis as well as China markets turmoil continued to sap the markets. Chinese commodity markets are falling sharply, affecting palm oil negatively. In addition, sentiment is also dampened by weakness in rival soybean oil.
- On chart wise, reading from hourly and daily chart showed that FCPO price might test immediate resistance near 2230, however, we believe that any rebounds could be capped as its downtrend channel is still firm following short-term uptrend breakout. This week, we expect FCPO prices to trade volatilely and choppily in range of between 2130 and 2230.
- Resistances could be found near 2230, 2285 and 2328 while supports at 2130, 2080 and 2045.
Source: Hong Leong Investment Bank Research - 13 Jul 2015
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