Wednesday, 27 April 2011

April 28

FCPO still in bearish tone... Upside may be limited due to short covering. From fundamental side, SIFU said negative. Why ???  Indonesia will cut export tax to 17.5% from 22.5% next month(May) . So, buyer will run away to Indonesia coz of lower export tax. Demand is slowly recover BUT Palm Oil production Indonesia and Malaysia rising. 

Sifu still maintain on bearish tone in near term. If break 3270 below by today, it is strongly to further decline to 3250. But, beware of CBOT Soybean and Crude oil which is on positive note.  Crude oil rise on higher stockpile.Likely to test resistance 3330. Open short at higher point ma! 

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