MCX Crude Palm Oil March is showing bullish phenomenon for the week. Crude Palm Oil is now trading around 452.10-454.20 levels.
The Rising wedge pattern from January continues as the commodity is moving towards higher levels. If prices break the wedge, steady decline is expected. Rising wedge indicates about the bearishness that can be expected in the coming week.
On charts, Crude Palm Oil is witnessing positive trend. The commodity is trading just below the 20 day SMA at 461 levels. If commodity holds the rising wedge pattern for the coming days, it may witness a bullish rally.
The Stochastic level recovered from oversold territory. MACD is positive and RSI at 51.12 is quite positive. Rate of change oscillator (P-ROC) is sustaining the positive levels for the week.
Momentum of the commodity is high; hence huge deflections may occur in the near term if it breaches 461 levels. Base support is now seen at 450 levels.
S1: 450.90 S2: 448.20
R1: 455.20 R2: 461.00
Trend: Bullish