Tuesday, 6 May 2014

Palm Oil Futures 1130am Trade Signal May06

The hourly key indicator for short term technical trend trading was remained long 2590 at 6pm close yesterday because the closing price 2583 was above the stop and reverse sell signal 2581 as stated in the previous post.

The 1130am trade signal will be the same as yesterday 6pm that is sell crude palm oil futures once the last traded price at 1130am is below 2581 today. It will be a cut loss and turn sell trading position if the futures is triggered with the stop and reverse sell at 1130am.

Fundamental record based on Bloomberg news: Indonesia produced 26 million tons in 2013, according to the Jakarta-based Indonesian Palm Oil Association, estimating 30 million tons if no El Nino, said Franky Widjaja, chief executive officer of Golden Agri-Resources Ltd.