price currently moving toward resistance become support (RBS) after testing 1.250 resistance level.
im expecting price might making higher low and rebound from RBS toward TP1 and TP2.
base on volume spread analysis demand still higher then supply since MAY 21.
base on the analyse from investment bank they all still Maintain OVERWEIGHT on the plantation sector, so TSH Resources might get those bullish sentiment as well.
HLIB’s VIEW
Forecast. Maintain 2021-23 CPO price assumptions of RM3,800/mt, RM2,900/mt and RM2,800/mt, respectively. We see upside risk to our CPO price assumption for 2021, as the bullish price sentiment will likely be sustained into the near term, with potentially weak near-term exports demand from major palm oil consuming countries (namely, China and India, on the back of the absence of major festive season and winter season) will likely be mitigated by seasonally low palm oil production cycle and increasing likelihood of La Nina episode in coming months (which will likely result in a delay in soybean planting in Argentina and Brazil).
im expecting price might making higher low and rebound from RBS toward TP1 and TP2.
base on volume spread analysis demand still higher then supply since MAY 21.
base on the analyse from investment bank they all still Maintain OVERWEIGHT on the plantation sector, so TSH Resources might get those bullish sentiment as well.
HLIB’s VIEW
Forecast. Maintain 2021-23 CPO price assumptions of RM3,800/mt, RM2,900/mt and RM2,800/mt, respectively. We see upside risk to our CPO price assumption for 2021, as the bullish price sentiment will likely be sustained into the near term, with potentially weak near-term exports demand from major palm oil consuming countries (namely, China and India, on the back of the absence of major festive season and winter season) will likely be mitigated by seasonally low palm oil production cycle and increasing likelihood of La Nina episode in coming months (which will likely result in a delay in soybean planting in Argentina and Brazil).