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.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihXN4PZC0iozLVO08Yxj92SWm4TzzIrV9nYQ5qGOm1PSl7-SJQHix639OoWv7O81Ftv2jId1izW8rhkW-MzuQPcBWBAUBZC0tl8xL65Pef172PBvtb3HyXwwz5rELEpIn1xCeTnqvJuOo/s1600/fcponov4.png)
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.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8rETDWK7q45QL64L6c-f8YdNjRhQbLlEIZjaamPMK8HNzMjbxjnyFlcqKFLlhag7BFJ0ngVsqrRKL1GwrJjSabiO9oMCOM7UCJqly4Ykpez1Itj9tXyTodX-agN1Hc1oQ9lK9jF9MB54/s1600/FKLInov4.png)
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