Expected Direction of Edible Oil Complex For 13.05.2024

Good Evening,

Palm Oil made a low of 3767 on Friday, 10th May but a rebound was seen towards the close, settled at 3809 MYR.

RSO is in action guys, as much action I am seeing in Rape Seed Oil I am not able to see in any other edible oil structurally i.e FCPOc3, BOc2 or DCPoi1.

Do expect price to be supported. But if anything will boost this rally it should be Rape Seed Oil, Technically I am not seeing so much strength in other oils. I did mention that few Positive Reversal formations were breaking on RSO last week, but today I am reviewing other higher time frames on RSO, and i stand corrected.

For me,? most critical points are as below

1. Broken Negative Reversal between 7508 7440 on DCE was kind of rejected earlier, I am really keen in seeing whether this will be broken yet again to the upside, This should refresh bulls,

2. We have Negative reversal between 3971 3930 on FCPOc3 that was giving target of around 3780 i would be keen to see whether this is broken to the upside or not.

BMD shall open with a gap up lets see for how long Bulls may hold it on. Personally, I am not seeing euphoria from Bulls yet. But going with what is clearly evident.

For Academic Reference, I am sharing past 5 day's?VoMo value

Expecting prices to be supported and keenly watching how setups unfold.

For more details, lets connect 1:1.

Sincerely

Primant Kumar, CMT

+968-94303179

https://www.dhirubhai.net/in/primantmishra/

Note:- 1. Above information is only for Educational Purposes only, These are not a trade recommendation.