ATHENA MARKET BUZZ

1540 15022024 Athena Market Buzz Thursday  Good morning , MDEX commenced trading on a lower note, primarily influenced by pressure from soybean oil, and remained predominantly down throughout the day. By midday, the May month was trading at RM 3874-27, which, as of the time of writing, stands at RM 3847-54. PALM emerges as the victor in this scenario, maintaining a stable environment with relatively subdued bearish sentiments. As previously indicated, prices ranging between 3850-3950 will be utilized to exit long positions, while the range of RM 3450–3550 presents opportunities for long positions. Sentiments surrounding PALM remain highly supportive due to lower stocks, increased exports, and robust demand from countries like China and India. Middle Eastern nations are also contributing to PALM consumption, aiming to replenish inventories before the major holiday season. However, with the U.S. inflation data not favoring oil futures, coupled with soybean's downward drag, PALM price...

1500 13022024 Athena Market Buzz Tuesday   Good morning, MDEX commenced the trading session with a slight downturn, later rebounding following the release of MPOB data. Palm oil exports have shown remarkable performance, leading to a decrease in stocks by approximately 2 million metric tons. Despite the low opening, by midday, the April contract was trading at RM 3864-20, and as of the time of writing, it has risen to RM 3894+10. From a technical standpoint, PALM hit its lows on January 3rd at RM 3604 for the active month and reached a high on January 26th at RM 4036, spanning a range of 400 points. This volatility has provided ample opportunities for traders. PALM remains robust, with slight corrections anticipated upon encountering resistance levels of RM 3900- RM 4000. Corrections within the range of RM 3650–3550 should be capitalized upon, with support expected to hold steady at RM 3450. Rallies surpassing RM 4250 will prompt short positions in the market, encouraging traders t...