6/4/26 Market Trading Sideways to Up, No Significant Bear BarsCrude Palm Oil FuturesMYX:FCPO1!Tech_Trader88The market recently retested the March 9 high and the 2025 high. The market is currently trading sideways around this area in the last few session. Bulls want a strong breakout above these levels followed by a measured move to around 5350 based on the height of the latest leg up to April 1. At the least, they want the third leg sideways to up with the first two legs being March 9 and April 1. If the market trades lower, they want the 20-day EMA to act as support. Bulls need sustained follow-through buying to increase the odds of a measured move up. Bears view the current move as a retest the prior high (March 9), and hope it will stall around the 2025 high area. They want a reversal from a higher high major trend reversal. If the market trades higher, they want the move to be brief followed by a failed breakout above the 2025 high. Bears need to create consecutive bear bars closing near their lows to show they are back in control. Fundamentals: • Production: Production for March - up 2.35% per MPOA. April's production should be higher. • Refineries: Physical spot has more or less caught up to futures spot, no longer trading at a huge discount. • Exports: Export in March was strong. April TBD The market formed a second leg sideways to up to retest the prior high, forming a higher 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. For now, traders will see if bulls can create a strong breakout above the 2025 high. Or will the market stall around these levels, followed by a pullback to the 20-day EMA this week. Andrew