25/3/26 Can Bears Continue Creating Consecutive Bear Bars?Crude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Tuesday's candlestick was a bear bar closing near its low. The market opened higher last night and gapped down this morning at the open. The daily candlestick is currently a bearish bar, trading below yesterday's low (as of 10:36 a.m.). 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. If the market trades lower, they want the 20-day EMA to act as support. Bears view the recent move as a second leg sideways to up, retesting the prior high, and hope it will form a lower high (March 16). So far, this is the case. Bears need to create consecutive bear bars closing near their lows 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 - 20 days up ++38.1% The market formed 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 bears continue to create strong bear bars. Or will the pullback lower be weak and sideways with overlapping candles and prominent tails below bars? Andrew