17/3/26 Traders Monitoring Strength of Retest HighCrude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Monday’s candlestick (Mar. 16) was a bull bar closing around the middle of its range with a prominent tail above after gapping up at the open. We said traders would see if bulls could create a strong retest of last week's high (March 9), or if the move up would be weak with overlapping candlesticks, prominent upper tails or bear bars. Bulls want a retest of last week's high (March 9), even if it only forms a lower high. The current move up is in a tight bull channel. The bulls are still stronger. Bulls need sustained follow-through buying to increase the odds of a retest of the March 9 high. Bears view the current move as a second leg sideways to up to retest the prior high and hope it will form a lower high. Bears need to create strong bear bars to show they are back in control. Fundamentals: • Production: Production for March - Sppoma 15 days - Down -5.28% • Refineries: Physical spot has more or less caught up to futures spot, no longer trading at a huge discount. • Exports: ITS March - 15 days up +43. 51% The market experienced a significant upward spike on March 9, followed by a deep pullback in response to the movement of Crude Oil. The physical spot further reduced the discount to futures, which in turn brought the price higher. So far, there is no ceasefire or permanent solution to the Middle East conflict. For now, the price may still trade sideways to up. Traders will see if bulls can create a strong retest of last week's high (March 9). Or will the move up be weak with overlapping candlesticks, prominent upper tails or bear bars? Andrew