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Stock market advisory tips >> Palm oil will test supports, rise
Malaysian palm oil futures on Monday fell lower before hitting one week high in the morning session tracking gains in other edible oils. Concerns that floods on the east coast of Peninsular Malaysia could hit production also supported the market.
CPO active month February futures bounced higher, but still lacks the momentum to follow-through higher.
As cautioned earlier, the momentum is expected to be strong on the sell side that could further push prices below MYR 2,605-10/tonne.
As observed in the previous update, prices hit 2,565, but a rebound could be in the offing anytime and declines from here could be very short-lived, though there are possibilities of further decline to 2,520 levels too. It could strongly rebind from there.
The present down move looks like a corrective decline in a rising trend.
Dips to 2,550 followed by 2,510 are expected to hold support in the coming week.
The favored view still expects, while prices hold above supports in the broader picture it could eventually inch higher towards targets mentioned above in the coming sessions.
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