ATHENA MARKET BUZZ

1600 10062024 ATHENAMARKETBUZZ MONDAY Good Morning, Congratulations to Team India for their victory against Pakistan in the ICC T-20 World Cup, and to the people of India for reelecting Shri Narendra Modi as Prime Minister. MDEX opened lower, and by lunchtime, August settled at RM 3952, down 23 points. At the time of writing, August has further declined to RM 3926, down 49 points. With it being Monday, we expect the slow trade to continue, overlooking the weakness in bean oil and increased stock figures. MPOB data shows opening stocks at 1.74 million MT, with production up by 13.48% and end stocks up by 0.5%. Despite the good discount of palm oil over other soft oils, traders expected higher export numbers, leading to the sell-off. The pace of export is good, and we can expect stock reduction by the end of the month, which will adjust the market higher. The RSI in MDEX is just over 50%, keeping the view mostly neutral, and we can expect some more selling pressure as the day progresses.

  1500 06062025 ATHENAMARKETBUZZ THURSDAY Good Morning, MDEX opened marginally higher, and by lunchtime, August settled at RM 3926, up 20 points, compared to yesterday's RM 3940, up 19 points at the same time. We have seen consolidation, selling, and panic short selling, but with demand from India and other destinations, we are witnessing some recovery with the current August MDEX up 634 points at RM 3970. MDEX has already made a high, and we expect it to consistently cross RM 4000 soon since the weak longs are already out, and panic shorts will likely result in a rally. The RSI is just around the 50% mark, indicating a technical buy signal, and we do not suggest our readers enter short positions or exit their longs just yet. As mentioned before, we expect MDEX to cross RM 4250 soon, with resistance only around RM 4450. We recommend our readers not to panic but to buy on the dips. Currently, exports are happening at a good pace, and stocks are more or less unchanged at the ori