16/3/26 Retest March 9 High - New High or Lower High?Crude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Friday’s candlestick (Mar. 13) was an inside bull doji closing in its lower half with a prominent tail above. Today, (Mar. 16), the market gapped up at the open and is trading higher by 90 points - 1.97%. Bulls want a retest of last week's high (March 9), even if it only forms a lower high. The market is moving higher on its own weight, as other related oils are sideways (Crude Oil) or down (Sbo). They need sustained follow-through buying to increase the odds of a retest of the March 9 high. Bears see the current move as a retest of 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 - so far looks like it's lower. • Refineries: Physical spot has caught up to futures spot, no longer trading at a discount. • Exports: ITS March - 15 days up +43. 51% The market experienced a significant spike upward, followed by a deep pullback in response to Crude Oil's movement. The physical spot further reduced the discount to futures, which in turn brought the price higher. 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