MDEX started lower and by lunch… | 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 started lower and by lunch we remained negative and at the time of writing this report Aug is 5492-44 and Sept is 5427-46. Much of correction we have already seen and as we mentioned last the highs of this year are behind us and with correction of over RM 1500-1800 which is about 25% we are nearing the lows of the coming 6 months. Prices have corrected in current month for Aug itself about RM 1000 making it a good buy.
Technically Aug and sept both have tested levels below RM 5450 and as mentioned before we expect RM 5450 to remain a very strong support with resistance now being at RM 6000. We have been hearing good trades in CPO to India for forward months. Aug traded a few times between 1450-1470 and even ROL is trading around USD 1480
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