Trader's Comment: “Bull” finally got defeated and ended its 8 straight days of winning streak

“Bull” finally got defeated and ended its 8 straight days of winning streak. Palm oil futures “dived” sharply lower after trading in a ranging mood. Benchmark Mar09 gapped down RM80 to open at 1905 following overnight crude oil tumbled more than 12% while CBOT also ended significantly lower. It then hit the intra day high of 1920 as it hovered between 1898-1919 level through out the morning session. CPO prices began to weaken further after second session resumed when it started to fall and hit the intra day low at 1864. However, some buying support came in and pushed up CPO prices to the earlier range again before Benchmark Mar09 was finally sold down to settle RM120 lower at 1865.