Palm Oil Prices Still Rising, But Beware It Could Collapse!

The price of crude palm oil (CPO) moved up in trading this morning. In the future, what are the prospects for CPO prices? On Wednesday (12/1/2022) at 09:46 WIB, the price of CPO on the Bursa Malaysia was recorded at MYR 5,064/ton. Up 0.7% from the previous day's closing position.

CPO prices are still continuing the positive trend. In the past week, prices rose 3.26% on a point-to-point basis. During the past month, the price spike reached 5.88%. However, investors need to be careful. This is because the sharp increase in prices is very likely to trigger a technical correction. Of course, not a few want to immediately disburse their funds so that CPO is vulnerable to selling pressure. Wang Tao, Reuters Technical Analyst, estimates that the target CPO price will be at MYR 4,927/ton. Although there is room to touch the resistance zone at MYR 5,065-5,220/ton. "The price of CPO is at risk of testing the support point of MYR 5,002/ton. A break below this point will cause the price to fall towards MYR 4,927/ton," said Wang in his research

|•SOURCE•| Articles :CNBC | Image :IDXCHANNEL |

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