Crude palm oil futures fell to Rs 1,198 per 10 kg on April 26 as participants trimmed their positions, as per open interest data. Malaysian palm oil futures slipped 0.84 percent to settle at 3,894 Ringgits on Bursa Malaysia Bhd.
Crude palm oil traded in the negative territory after a gap-down opening in the evening session.
The agri commodity has been trading higher than 50, 100 and 200-days’ moving averages but lower than 5 and 20 days’ moving averages on a daily chart for the May series. The momentum indicator Relative Strength Index (RSI) is at 49.34 which indicates neutral movement in the prices.
Navneet Damani, Vice President, Motilal Oswal said, “MCX CPO has been making higher peaks and higher troughs on daily charts which indicates strength in the price of the commodity. Going ahead, Rs 1,090 remains strong support and bias remains bullish as long as it is trading above the support zone. An intermediate support is placed in the range of Rs 1,130-Rs 1,135 levels.”