FCPO remains weak amid the aggressive buying pressure witnessed last week. It is believed that the buying pressure is due to a fake technical breakout with the concern of the weakening US$.
weak CPO data also explains the weakness in the CPO pricing. The data are as per below:
Export Data 1-25 Sep vs Aug
ITS: 963,814 vs 1,000,846 (-3.7%)
SGS: 1,042,281 vs 1,003,566 (+3.86%)
My Opinion : previous recommended stop has been triggered at 2130(opening of the following day). Current recomendation is to hold short with a stop at 2190.
*Bare in mind this trade is little tricky and is adviced to avoid if trader is not a risk taker.
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