FCPO 16 April 2025 - Palm Oil Daily Chart Analysis

• Yesterday's candlestick closed as a bear bar in its lower half with a prominent tail below.
  
• Currently, the market is a small bull inside bar trading near its high.
  
• The bulls want a reversal from a wedge pattern (Mar 25, Apr 9, and Apr 15) and a small double bottom (Apr 9 and Apr 15)
  
• They see yesterday's move simply as a retest of the April 9 low and want a reversal from a lower low major trend reversal.
  
• They must create strong bull bars with follow-through buying to increase the odds of a TBTL (Ten Bars, Two Legs) pullback.
  
• They want a retest of the 20-day EMA.
  
• The bears want a retest of the January low.
  
• They want a large second leg sideways to down with the first leg being the April 2 to April 9 low.
  
• If the market trades higher, they want the April 10 high or the 20-day EMA to act as resistance, followed by a reversal from a double-top bear flag.
  
• Exports for the first 15 days are up ITS: 16.95%, AmSpec: 13.55%.
  
• Production is slowly picking up, but not in a big way yet.
  
• Refineries' appetite to buy physical looks lukewarm with the recent sharp falling market.
  
• The market remains Always In Short.
  
• The recent selling has been climactic and slightly oversold.
  
• Perhaps we may see a minor pullback towards the 20-day EMA or April 10 high area?
  
• Let's monitor the buying/selling pressure and if the bulls can create strong follow-through buying tomorrow.