HLBank Research Highlights
Trading Idea: FCPO Technical outlook
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- Although palm oil price attempted to test immediate resistance near 2230 on 14 July, it ended last week lower by 0.09% wow at 2190 as market participants were worried about slowing demand and rising supplies. Sentiment was also dampened by lower exports of Malaysian palm oil products for 1-10 July 2015 which was down 34.7% to 308,875 tonnes from 473,307 tonnes shipped. This is despite Indonesia plans to impose a levy on palm oil exports is materializing after weeks of delay.
- Technically, reading from hourly and daily chart showed that FCPO price might test immediate resistance near 2230 again, however, we believe that any rebounds could be capped as its downtrend channel is still fi rm following short-term uptrend breakdown. This week, we still expect FCPO prices to remain volatile and choppy within range of between 2230 and 2130.
- Resistances could be found near 2230, 2285 and 2328 while supports are at 2130, 2080 and 2045.
Source: Hong Leong Investment Bank Research - 20 Jul 2015
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