Palm Oil and KLCI market update

The Palm oil market is in a clear uptrend, but will hit resistance near the breakout point back in July. The trend line break upward had been tested a few weeks ago.  It is likely the resistance point in July will stop the upward trend, so be aware.

Untested breakout points have a high chance of reversing markets.  We can see very clearly , the break out from the downtrend to an uptrend was clearly tested  when the market came down to RM 2,120 a few weeks ago.  So now we have a test of the RM 2,340 area, the break down point set in July.




The KLCI hit its first day in an uptrend, although the move up was less than convincing.  Sellers may decide to take some profits here.
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