Athena Tradewinds | Daily Report on Sunflower & Soybean Oil

Mdex opened firm and by lunch October was trading at RM 3724 +20 which in post lunch session saw some profit taking and at the time of writing this report is trading at RM 3648 -56. As mentioned before we would suggest our readers to see a lot of support between Rm 3250-3500 level and resistance now sits around RM 3850 mark for short time. Failure to close above RM 3750 on Friday gave us some strength to bears and it clearly indicates we will see some lower lows, however we still believe that our long term support of RM 3250 should remain intact and one can actually cover shorts now and build more longs once the prices break RM 3500 mark. Sentiments are dull and so is the business, with Indonesia doing away export levy we can see the downward pull which will result in bargain hunting. CNF India offers in the morning were Aug 1030, Sept 1020 and Oct 1025 against this we have not seen any major INR selling interest.