There was an typo error in the previous post on the self proclaimed profit taking target which supposed to be 2238 but wrongly put in at 2138. Again, the hourly indicator Y trading guides never set a rule on profit taking targets since its main focus is on the stop and reverse trade signals.
The hourly indicator Y long 2137 is believed to hold on its long for Day 6 today since the stop and reverse sell trade signal is far below the current closing price 2213.
Here is the news excerpts from the Sun Daily today...
MPOC expects CPO prices to rise next year
The Malaysian Palm Oil Council (MPOC) expects crude palm oil price (CPO) to increase to between RM2,100 and RM2,500 next year, lifted by factors such as biofuel demand and petroleum price level.
Its chief executive officer, Tan Sri Yusof Basiron, said besides supply and demand, biofuel demand and petroleum price level would determine whether more or less of biodiesel would be used.
"The announcement by Plantation Industries and Commodities Minister, Datuk Seri Douglas Uggah Embas, to impose a requirement for biodiesel to use seven per cent palm oil, from five% now, was a way to firm up the CPO price," he told Bernama yesterday.
Basiron said this on the sidelines of MPOC's International Palm Oil Trade Fair and Seminar 2014 here.
Uggah had said the move aimed to lower stocks and boost prices that had declined by over 20% this year.
The implementation would start in stages from November in Peninsular Malaysia and in Sarawak, Sabah and Federal Territory Labuan by December, he said.
Basiron said the government also tried to remove depressing factors on prices by providing export duty exemption for CPO.
"This would remove any bearish factors affecting palm oil price.
"The move will also stimulate the country's export and help rationalise the stock level," he said.