• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 689 days Could Crypto Overtake Traditional Investment?
  • 694 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 699 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 700 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 702 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 706 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 707 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 713 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 714 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 714 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 716 days Are NFTs About To Take Over Gaming?
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  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