Crude Palm Oil Futures may rebound

Looks like the Crude Palm Oil Futures FCPO traded in Bursa Malaysia is ready for a rebound.

"Malaysia cash palm oil trades at lower levels on renewed buying interest after recent fall in prices. Cash palm olein trades at $1,187.50/ton, $1,185/ton, says trader in Singapore. "Some importers consider it to be a good time to book purchases with limited downside potential," says trader in Mumbai. Cash CPO for prompt shipment offered unchanged at MYR3,470/ton." DOW JONES NEWSWIRE.

"The Crude Palm Oil futures price, traded in Bursa Malaysia has rebounded of the RM3,430 support level and today closed at RM3,515. Technically, it may rally up to test the resistance level at RM3,650 to RM3,700." Benny Lee

Below is the chart for FCPO 3rd month contract on a continuous chart, from NextVIEW Advisor: