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Thursday, 5 June 2014

Crude Palm Oil (CPO): 5 June 2014, Thursday, 4.15pm Singapore Time

On 31st August 2013, Donovan Norfolk Ang's Market Analysis for Crude Palm Oil was (I quote):
"1. short-mid term movement of FCPO will be very bullish in 2013 until the target 2750-3000 is to be hit
2. Movement from longing point of 2410 RM towards the 3000 RM represents a potential profit of +24.5% without leverage, and a profit potential of +245.0% with a 10x leverage.
3. Such a movement was consistent with worldwide funds flow analysis of all financial markets that Big Hands and Smart Monies were longing and buying for rebounds."

Refer:

All these long/buy targets had hit target with profits all taken off the table (triggered) and I had turned short/sell from the 3000 RM longs-profit-triggered target. After being bullish and making the big jackpot, I am turning short for the downside jackpot.

The following MONTHLY, WEEKLY AND DAILY Chart of Crude Palm Oil
shows you what is happening in the Crude Palm Oil markets as well as a display of all my track records.


Crude Palm Oil (CPO) Monthly Chart:
5 June 2014, Thursday, 4.15pm Singapore Time

Note that Crude Palm Oil is currently under long term suppression and is entrenched in a very long term bear market. A lot of resistances illustrated above, especially the Long Term Bear Market Enforcement Zone in LUMINOUS GREEN, is ensuring this very long term bearish downtrend.

A sufficiently powerful classical resistance as denoted by the three red "SUPPRESS" in the chart above is further capping the CPO market.

All palm oil commodities stocks to be suppressed.
refer as example recent palm oil commodities stocks' analyses:

Crude Palm Oil (CPO) Weekly Chart:
5 June 2014, Thursday, 4.15pm Singapore Time

CPO also has a long term distribution shoulder-head-shoulder as above. 
This entire formation means that 1720 will be tested as the next support, and that 1720 region will be hit. 
This represents a further heavy -26.9% downside from current point.


Crude Palm Oil (CPO) Daily Chart:
5 June 2014, Thursday, 4.15pm Singapore Time

The above illustrates the resumption of long term downtrend once the price satisfaction zone as determined in August 2013 was hit in March 2014.

From chart above, Crude Palm Oil is guaranteed to break down multi-year low of 2137RM for a new multi-year low.

Donovan Norfolk Ang Technical Rating:

Stocks expected to be bearish during this FCPO Technical Long Term Downtrend Resumption:
Very Bearish on Palm Oil Stocks such as 
Wilmar, Golden Agri, Kencana Agri, First Resources etc
Bearish also on commodities stocks in general.

Bearish also on AUDUSD and NZDUSD.
Bullish on USDCAD.
(That is, bearish on commodities currencies: Aussie Dollar, New Zealand Dollar and Canadian Dollar)


Donovan Norfolk Ang

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