Tuesday again palm was moving higher… | 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.
Tuesday again palm was moving higher and by lunch we closed July 6614+115 and Aug RM 6368 +107. As mentioned before if July manages to keep it self over RM 6450 for couple of days then the road to RM 6750 would be clear and likely so at the time of writing this report July is trading at RM 6748 +249 or up 3.83%. The reasons for this bull market are technical as well as Indonesian export policy and also their decision to cease the subsidy on cooking oil program and replace the same with Domestic market obligatory supply.
We are seeing a lot of short covering in the market and this will push July month even higher but with RM 7000 as strong resistance and for Aug which is also trading over RM 6450 we will see resistance getting built also around current level. Longs can now liquidate their positions and between RM 6500-6600 for Aug one can even look to make some shorts.
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