• 764 days Will The ECB Continue To Hike Rates?
  • 765 days Forbes: Aramco Remains Largest Company In The Middle East
  • 766 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,166 days Could Crypto Overtake Traditional Investment?
  • 1,171 days Americans Still Quitting Jobs At Record Pace
  • 1,173 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,176 days Is The Dollar Too Strong?
  • 1,176 days Big Tech Disappoints Investors on Earnings Calls
  • 1,177 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,179 days China Is Quietly Trying To Distance Itself From Russia
  • 1,179 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,183 days Crypto Investors Won Big In 2021
  • 1,183 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,184 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,186 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,187 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,190 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,191 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,191 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,193 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  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