Mdex opened slightly… | Report
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By Athena Tradewinds.
Athena Tradewinds is an Indian company specializing in the sale of Sunflower oil, Sunflower meal, and Soybean oil. Athena Trade Winds is one of the top 10 importers in India of these commodities.
Mdex opened slightly firmer after yesterdays panic sell off on the back of higher stocks at Malaysia and Indonesia. At the open sept was RM 4369 +27 which at the time of lunch settled at Rm 4214 -136 and we are currently also trading more of less at the same levels and with long term view in mind even if we manage to close below RM 4250 for couple of days it should be hard for MDEX to break RM 4000 level. Very strong supports are there at RM 4000 and RM 3750 at which any destination should cover the cargo. Most of the commodities and world is struggling with inflation and the current levels on palm are giving good opportunity to make longs.
Panic in the current market should take a back seat now as mostly we have only seen selling pressure and profit taking on the hedge plus long term settlements should prompt a technical buy giving the much needed support. Sentimentally the markets are weak and with every day its being pressured by the large stocks. Very soon we will reach the bottom of the palm oil prices which will not be revisited in coming 6 months. CPO prices to India in the morning were offered July at USD 1195, Aug / Sept at 1150 and Oct around USD 1145. These prices are attractive to make longs and one can now look to add to its position.
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