Crude palm oil futures opened weaker this morning in response to the soy oil futures and China Dalian crude palm oil negative influenced market. At closed of the first half, price trading at below mid Bollinger Band signaling a selling mood market. Bollinger Band width remain tighter suggesting a side way range bound market. MACD Histrogram continue to sliding downward indicates that selling pressure persist due to long position covering. Volume traded are relatively low compare to previous days. Having said that, it seems that an invisible hand are supporting the crude palm oil prices to prevent it from dropping lower. This can be seen on the support line plotted on the image. Strong support still remain at 2160 level.
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