The Edge Markets (31/01/2019) - KUALA LUMPUR (Jan 31): The technical outlook for crude palm oil prices is bullish as the commodity’s 10-year consolidation is over and it’s at the start of a multi-month rally, according to CIMB in a note dated Jan 30.
* New uptrend may take palm to RM2,500-2,800/ton in 2019-2020, as long as prices remain above recent 52-week low of RM1,940, according to Ivy Ng, CIMB regional head of agribusiness, and Kong Seh Siang, the bank’s head of retail research and technical chartist
* Longer term, “a move beyond RM3,202 would open the door for a rally to new highs, possibly hitting the RM5,000 mark”
* NOTE: Palm oil traded at RM2,294 in Kuala Lumpur on Thursday
Read more at http://www.theedgemarkets.com/article/palm-oil-seen-threshold-bull-run-thats-set-last-months