5/1/25 Bears Want Retest Dec Low, Bulls Want Higher LowCrude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Friday’s candlestick (Jan. 2) gapped down and closed as a bear bar with a small tail below. The bulls hope the selloff (Dec 19) will form a major higher low relative to May 2025. The bulls hope to get a reversal from a large wedge pattern (Jan 17, May 8, and Dec 19) and a smaller wedge pattern (Nov 3, Nov 26, and Dec 19). They want a reversal from a lower low major trend reversal and a failed breakout below the November 26 low. They view last Friday (Jan 2) as a retest of the December low and expect it to form a higher low. They need to create strong consecutive bull bars trading far above the 20-day EMA to show they are back in control. The bears want a strong third leg to form the wedge pattern, with the first two legs already in place on November 13 and November 26. They completed the third leg recently (December 19). They want a retest of the December low. If the market trades higher, they want it to form a lower high and the 20-day EMA to act as resistance. Fundamentals: • Production: Production for Jan - should be down. • Refineries: Buying interest is there at these low prices. Not paying premiums vs spot futures yet. • Exports: TBA ITS data tomorrow. Tomorrow (Monday, Jan. 5), traders will watch if the bears can create more follow-through selling to retest the December low. Or will the move lack follow-through selling, and reverse up to retest the 20-day EMA instead? Andrew