• 657 days Will The ECB Continue To Hike Rates?
  • 657 days Forbes: Aramco Remains Largest Company In The Middle East
  • 659 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,059 days Could Crypto Overtake Traditional Investment?
  • 1,063 days Americans Still Quitting Jobs At Record Pace
  • 1,065 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,068 days Is The Dollar Too Strong?
  • 1,069 days Big Tech Disappoints Investors on Earnings Calls
  • 1,070 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,071 days China Is Quietly Trying To Distance Itself From Russia
  • 1,072 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,075 days Crypto Investors Won Big In 2021
  • 1,076 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,077 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,079 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,079 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,082 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,083 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,083 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,085 days Are NFTs About To Take Over Gaming?
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  1. Home
  2. Markets
  3. Other

Crude Palm Oil (CPO) - Broke Its Multi-Month 'Reversed HS'!!!

See Jan 16th's post: (http://tinyurl.com/b7sg2lm), I mentioned the bottoming crude palm oil price on its "monthly H&S broken-down pattern" while its weekly chart was showing a highly probable "reversed H&S pattern" set-up since the H&S target was met.

  1. The weekly price chart just broken-out of its "reversed H&S" pattern decisively.
  2. The price action of late is certainly pointing to more upsides in the Crude Oil itself as Palm oil typically track and rally along with Crude oil prices.
  3. 1st implication: although a rallying CPO prices is positive for the upstream producers, it also mean that inflationary pressure is once again looming and would not bode well for equities in general
  4. 2nd implication: a rallying commodity prices is very likely confirming equities' top since commodities typically lag equities' rally. Therefore, a final rally in commodities means equities are already in the process of topping!
  5. Lastly, given that global demand & supply outlook for CPO has not actually improved do drastically in the interim is implying that the bullish breakout in its prices could be led by speculative traders in the futures' market.


CPO (Monthly)

  • Confirming the completion of H&S pattern where its minimum target was met and followed by 2-monthly swing on its multi-year support line since 1999.

CPO Monthly Chart


CPO (weekly)

  • Its "reversed H&S" just broken out of the neckline pointing to more bullish moves in coming weeks!

CPO Weekly Chart

 

Back to homepage

Leave a comment

Leave a comment