Chart of the Week: Crude Palm Oil
Crude Palm Oil will be reaching a crucial area by the end of next week. The three main points to consider are:
· The seasonality aspect of palm oil usually implies a bullish reversal during the month of October.
· The 100% retracement of the February to October 2011 period applied to the high of April 2012 coincides with the projected Trend Channel at around 2400.
· The bottom of the long term Market Profile®* Value Area is also 2400.
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Anthony Cohen is a Product Specialist at CQG. He holds a diploma in Technical Analysis from the Society of Technical Analysts in London. He can be reached at firstname.lastname@example.org.