FCPO rebound from 2137 (a decades price support level) was affected by rising crude oil prices. Please see right chart correlation indicator. When palm oil price reached 2137, the correlation between oil was as low as -76% due to stronger production. And the rebound start at 20 Sep when price at 2137, on yesterday closing, CPO vs oil correlation has come to almost 80% correlation.
With Soybean oil rises 1.16% from yesterday 6pm. FCPO is likely to open high and retest 2200 level. Thus, the rebound is like to continue. As mentioned yesterday, the current rebound have no strong indication of price reversal yet. The strength of the current rebound can be refer to the left chart, resistance at 2200 & 2220.
With Soybean oil rises 1.16% from yesterday 6pm. FCPO is likely to open high and retest 2200 level. Thus, the rebound is like to continue. As mentioned yesterday, the current rebound have no strong indication of price reversal yet. The strength of the current rebound can be refer to the left chart, resistance at 2200 & 2220.
