It is definitely a long journey even if it is a right trend as we can see the hourly indicator Y long 2163 has generated 40 points of floating profit so far and it needs to reach above 2400 to break-even in a single trade as mentioned in last few posts, 200 points from the last closing price of 2200 at 1230pm just now.
The last 7 multiples losing trades of 249 points per contract size needs 500 points of profit in order to post a good recovery, which mean, the cpo futures price must reach 2663 in next 16 trading days! Too much ambitious!
Talking on MPOB supply to down nearly 5% and higher end month stock based on the low export, there is a "mission impossible" job for cpo futures price to reach the high levels as given above.
Unless there is double digit down on the supply side and a very high first 10-day export figure on 10/12/2014, the 60% greed 40% fear on first target of 101 points as we always like to put, reaching 2264 level, may have been reducing some pressures to the losses. Thus, let's see whether the cpo futures price can reach 2264 or not first!
It is believed that NO stop and reverse trade signals in next few hourly trading sessions, we will update a post once there is a clear trade signal.