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The negative divergences on the charts have been there for some time now. However, price continues its levitation act as it retested resistance at 80c today.
In the shorter term, it would make sense to wait for price to pull back to the 20dMA at 77c before loading. Personally, I would wait for a retest of the 50dMA before loading up. Would there be a catalyst for a stronger pull back? If I miss out on this one, then, too bad for me.
Indonesia will raise a tax on crude palm oil exports to 20% for January from 15% this month, an official said late Monday (27 Dec). Trade Ministry Director General of International Trade Deddy Saleh told reporters that the reference price for CPO will be US$1,118.37 a metric ton. (CPO closed at US$1,221 on 28 Dec.) -By Joko Hariyanto; contributing to Dow Jones Newswires
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Golden Agriculture: Pulling back.
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