ATHENA MARKET BUZZ

1530 29012024 Athena Market Buzz Monday  It touched RM 4000 and then we are seeing some consolidation.  MDEX commenced its session on a downward trajectory, and by midday, the prevailing trend remained predominantly negative. April contracts observed a decline of 52 points, settling at RM 3965, while May contracts experienced a 39-point decrease, reaching RM 3920. Previous indications of resistance near RM 4000 have materialized, prompting profit-taking and long liquidation, thus nudging prices slightly below the RM 3850 to RM 3750 range. These levels are anticipated to attract buying interest, fostering a potential market rebound toward RM 4250, where we recommend readers consider initiating short positions. Palm oil continues to chart its course independently, exhibiting a premium over soft oils, particularly until March 2024, despite the seemingly advantageous pricing of soybean oil. Factors such as excessive rainfall potentially constraining production in January and subdu...

1430 24012024 Athena Market Buzz Wednesday   It touched RM 4000 already will it be too soon to ask RM 4250. Mdex opened unchanged, and during a quiet midday session, the market remained subdued, with March settling +8 at 3968 and April +7 at RM 3955. Post-lunch, increased fund activity led to a rally, particularly for March and an anticipated test of resistance for April. Bullish palm fundamentals are expected to drive momentum in other oils. Heavy rains are disrupting harvests, tightening palm supply, and leaving room for further upside movement. Traders are advised to use current prices to book profits in long positions, refraining from hasty short positions. Shorts can be considered once prices move beyond RM 4250 to 4450. On the downside, a correction below 3450 in the next three months is unlikely, and dips below RM 3750 should be owned. Short covering can be executed, and additional long positions can be considered if prices trade between RM 3450-3550. CNF India is reported t...