8/8/25 Bulls Need Follow-through BuyingCrude Palm Oil FuturesMYX:FCPO1!Tech_Trader88Thursday’s candlestick (Aug 6) was a bear bar closing in its lower half with prominent tails above and below. In our last report, we stated that traders would determine whether the current pullback would remain sideways and overlap with Wednesday's range or if the bears would be able to create strong bear bars, closing below the 20-day EMA. The 20-day EMA could be a magnet. The market formed a pullback testing the middle of the trading range and the 20-EMA. The candlestick was mostly overlapping with Wednesday's range. The bulls want any pullback to lack follow-through selling, similar to the last few pullbacks (July 7, July 11, July 15, and July 22). August 4 was the same. They want a retest of the July 24 high, followed by a strong breakout above to form the wedge pattern, with the first two legs being June 20 and July 24. They see the last two days simply as a pullback testing the 20-day EMA. They want any pullback to be weak and sideways. So far, this is the case. They need to create follow-through buying over the next few days to increase the odds of higher prices. The bears were unable to create follow-through selling in the last four selloff attempts (July 7, July 11, July 15, and July 22). August 4 was the case again. They want the market to form a lower high (vs Jul 24) and a double top bear flag (Jul 30 and Aug 5). They need to create strong bear bars closing near their lows and trading below the 20-day EMA to show they are back in control. Production for August may be flat or down. Refineries' appetite to buy looks decent recently. Export: August demand remains to be seen. The market formed a minor pullback testing the bull trend line (Aug 4), and formed a higher low. Traders are wondering if the pullback has alleviated the prior overbought condition. Moving forward, traders are wondering if the market will form a retest of the July 24 high followed by a breakout above. Or will the market form a lower high (Aug 5) and a double top bear flag (Jul 30 and Aug 5), followed by another leg down instead? The market has formed a trading range over the last 24 trading days. The 20-day EMA is trading around the middle of the trading range and could be a magnet. The last two days (Aug 5 and Aug 7) formed another smaller pullback, which stalled at the 20-day EMA. The market is trading higher during Thursday night's market session. The bulls want Friday's candlestick to close near its high, which will create a bullish weekly candlestick. If so, the odds will slightly favor next week trading at least a little higher. The bears want the Friday candlestick to close bearish, so that the weekly candlestick will have a long tail above and close below the middle of its range. For tomorrow (Friday, Aug 8), traders will see if the bulls can create a strong bull bar breaking above the August 5 high. Or will the market trade higher, but stall around or below the August 5 high and close with a long tail or a bear body instead? Andrew