Palm Oil – Mdex opened lower with days low made… | 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 lower with days low made immediately after opening but by lunch some sanity returned to the markets and we saw a mostly unchanged closing with July at RM 6531-33 and Aug at RM 6294 -10. Later in the say positive news data higher exports and profit taking took the market up and at the time of writing this report July is trading at RM 6596 +32 and Aug at RM 6353 +49.
Both these levels are good to go short and we expect that palm should not eventually come below RM 6450 for July and around RM 6000 for Aug.
We had forecasted new highs to be made in the first half of the year during a conference in October last year which has come true and now we don’t expect these highs to be broken in the second half of current calendar year, unless China decides to invade Taiwan.
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