WTI Crude prices are still moving in a big sideways trend for correction phase. The market fell off from last week’s high of 89.91 on worst economic turnout in US performance and unchanged high jobless rate.
This week, we reckon that the market will trade slightly lower while it moves from the 83.00 to the 90.00 levels. Traders are advised to enter from extreme ends to avoid price swings. We favour ideal shorting in the early week around the 87.50 regions with tightened risk management.
Gold prices rose again last week due to pessimism in the US’ outlook and markets closed at a week’s high on Friday. Investors have digested the margin hike imposed two weeks ago by CME Group and, as a result, fled into gold again as a safe haven.
This week, we expect to see the trend slowing down on the topside while being capped at 1,900 resistances.
According to our technical study, the market may come back to S1–1,830 as form of technical digestion.
Any extreme case of fundamental news may even drive gold prices back to S2–1,810. However, the market may form double tops first at 1,910 levels before retracing downwards.
Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed higher on a weekly basis. The market volume relatively reduced due to the long holiday seasons.
Last Friday, the market turnover volume was approximately 15,217 lots. The CPO September contracts closed at 3,185, October contract closed at 3,109 while the most active November contract closed at 3,050.
For the coming week, we foresee the market to revert to normal activities with increasing volume. We remain consistent with our previous forecast with a market trend treading from 2,910 to 3,090 regions.
Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work.
Dar Wong and Chong HC are the market strategists in APSRI on CPO markets. Wong has 22 years of trading and hedging experiences while HC has traded for four years and now coaches institutional customers.
They can be reached at www.traderpromaster.com.
WTI Crude prices are still moving
in a big sideways trend for correction phase. The market fell off from last week’s high of 89.91 on worst economic turnout in US performance and unchanged high jobless rate.
This week, we reckon that the market will trade slightly lower while it moves from the 83.00 to the 90.00 levels. Traders are advised
to enter from extreme ends to avoid price swings. We favour ideal shorting in the early week around the 87.50 regions with tightened risk management.
Gold prices rose again last week due to pessimism in the US’ outlook and markets closed at a week’s high on Friday. Investors have digested the margin hike imposed two weeks ago by CME Group and, as a result, fled into gold again as a safe haven.
This week, we expect to see the trend slowing down on the topside while being capped at 1,900 resistances.
According to our technical study, the market may come back to S1–1,830 as form of technical
digestion.
Any extreme case of fundamental
news may even drive gold prices back to S2–1,810. However, the market may form double tops first at 1,910 levels before retracing downwards.
Crude Palm Oil Futures (FCPO) on Bursa Derivatives closed higher on a weekly basis. The market volume relatively reduced due to the long holiday seasons.
Last Friday, the market turnover
volume was approximately 15,217 lots. The CPO September contracts closed at 3,185, October contract closed at 3,109 while the most active November contract closed at 3,050.
For the coming week, we foresee
the market to revert to normal
activities with increasing volume. We remain consistent with our previous forecast with a market trend treading from 2,910 to 3,090 regions.
Disclaimer: This report is written for general information only. No liability by the writers, publisher or any third party involved in the distribution of this work.
Dar Wong and Chong HC are the market strategists in APSRI on CPO markets. Wong has 22 years of trading and hedging experiences while HC has traded for four years and now coaches institutional customers.
They can be reached at www.traderpromaster.com.