19/3/26 Can Bulls Create Strong Bull Bars? Or Fail?Crude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Wednesday’s candlestick (Mar. 18) was a big bear bar closing in its lower half with a long tail below after opening higher, and closing far below the prior day's low. We said traders would see if the current retest of last week's high (March 9) stalls at a lower high, which is now the case, or if the recent pullback would be minor and temporary. Currently, at 10:40 a.m., the market opened higher during the night session and is currently trading lower from the night session, forming an inside bear bar. Bulls want a retest of last week's high (March 9), even if it only forms a lower high. So far, the retest formed a lower high (March 16). Bulls need sustained follow-through buying to increase the odds of a retest of the March 9 high. They hope the current pullback will be weak and sideways. 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. So far, this is the case. Bears need to create strong bear bars to show they are firmly 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 and a second leg sideways to up to retest the high, forming a lower high. So far, there is no ceasefire or permanent solution to the Middle East conflict. Any further escalation or de-escalation will have a significant impact on commodities such as crude oil. Traders will see if the current move retest of last week's high (March 9) stalls at a lower high, which is the case now. Or will the pullback be minor and temporary? Andrew