Judging on the fundamental news like ringgit weaken to near 3.50 from 3.47 last Friday and soybean oil up overnight in CBOT with Dalian Palm Olein futures also up now, the cpo futures price is believed to be stable or higher (only crude oil lower is the negative issue for cpo futures).
The hourly indicator Y long 2163 is finding no stop and reverse sell trade signal in the morning trade sessions, it is therefore believed that the long position will be holding on until 1230pm today.
If cpo futures price is traded higher at 1130am and 1230pm today, the stop and reverse trade signal will be getting further away from the cpo futures price at the above particular time and will affect the stop and reverse sell signal to be lower than expected. As a result, the afternoon trading sessions will also find no stop and reverse trade signals.
The Basic of Crude Palm Oil Futures Trading On Bursa Malaysia Derivatives Based On Technical Analysis.
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