Crude palm oil moves up in futures trade on global cues
Crude palm oil moved up by Rs 3.20 to Rs 491.50 per 10 kg in futures trading today as speculators enlarged their positions amid a firming global trend.
The trading sentiment was bolstered as palm oil advanced in global markets.
Meanwhile, November contract gained 0.9% to $1,025 per metric tonne on the Malaysia Derivatives Exchange.
At the Multi Commodity Exchange, November contract moved up by Rs 3.20, or 0.66%, to Rs 491.50 per 10 kg with a business turnover of 27 lots.
August crude palm oil gained Rs 2, or 0.40%, to Rs 496.80 per 10 kg in 12 lots.
Market analysts said apart from a firming trend in overseas markets, a pick-up in spot market demand supported by the ongoing festive season pushed up crude palm oil futures prices.
CPO Variance :
Soyabean oil 0.5564
Metric Ton 2,204.62
CPO 3068
USD MYR Exchange Rate 2.966
CPO Variance 192.26
< 84 SELL
85 TO 94 NEUTRAL
> 95 BUY
Reference On Soy Bean Oil Price
BEARISH THREE OUTSIDE DOWN
Type: Reversal
Relevance: Bearish
Prior Trend: Bullish
Reliability: High
Confirmation: Suggested
No. of Sticks: 3
Definition:
The Bearish Three Outside Down Pattern is another name for the Confirmed Bearish Engulfing Pattern. The third day confirms the bearish trend reversal.
Recognition Criteria:
1. Market is characterized by uptrend.
2. We see a Bearish Engulfing Pattern in the first two days.
3. Then we see a black candlestick on the third day with a lower close than the second day.
Explanation:
The first two days forms a Bearish Engulfing Pattern, and the third day confirms the reversal suggested by the Bearish Engulfing Pattern since it is a black candlestick closing with a new low for the three days.
Important Factors:
The reliability of this pattern is very high, but still a confirmation in the form of a black candlestick with a lower close or a gap-down is suggested.
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