21/7/25 Can Bulls Create FT Buying Over Next Few Days?Crude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Friday’s candlestick (Jul 18) was a big bull bar closing in its upper half with a prominent tail above. In our last report, we said traders would see if the bulls could close the day's candlestick near its high, or if the daily candlestick would close with a long tail above or below the middle of its range instead. The market broke above the bear trend line and the July 14 high. The market did not close near its high, indicating some profit-taking activity. The bulls got another leg up to form the wedge pattern (Jul 3, Jul 9, and Jul 18). They want a retest of the April high. The bulls need to create sustained follow-through buying following the breakout above the bear trend line to increase the odds of a sustained move. The bears want a reversal from a large wedge pattern (May 15, Jun 20, and Jul 18) and a trend channel line overshoot. They want a major lower high vs the April high. They hope that the recent 8-day small trading range will be the final flag of the move. They want the market to reverse below the bear trend line and the July 14 high within 5 trading days. If the market trades higher, they want it to form a double top bear flag with the April high. They must create strong bear bars to show they are back in control. Production for July is expected to be around the same level as June or slightly higher. Refineries' appetite to buy looks decent recently. Export: Down 6% in the first 15 days. So far, the bulls created a breakout above the 8-day small trading range in Thursday night's session. The buying pressure is currently stronger than the selling pressure (no follow-through selling). For tomorrow (Monday, Jul 21), traders will see if the bulls can create follow-through buying. Or will the follow-through buying over the next 1-2 days be limited? If this is the case, it can indicate that the bulls are not as strong as they had hoped. Andrew