After struggling to stay neutral near 2620 for most of the day, fcpo prices came off sharply in late trading. With no helping hands from soyoil, fcpo already top heavy at its immediate resistance lvl near 2640 in early trading. A drop below 2600 caused further anxiety.
Mkt is at 1/3 adjustment lvl but with soyoil toppish outlook and fcpo’s “small discount” to soyoil, downside risk is much greater. Further selling is likely to follow if 30SMA support, near 2580, fails, targeting 2500 in the coming days.
Generally, mkt is a sell unless it regains 2650.
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