The palm oil market on Bursa Malaysia has been range-bound, fluctuating between 4,400 and 3,250 ringgits since July 22nd. Currently trading near the lower end at 3,393 ringgits, there are indications of bullish divergence, suggesting a potential upward move. The breakout from the triangle at 3,900 ringgits led to a decline towards the bottom range of 3,250-3,200 ringgits ($850). Traders should monitor for bullish signs and consider the market dynamics for potential price reversal
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Additionally, the fundamental analysis highlights the influence of El Niño, which could lead to dry conditions impacting palm oil crop production. Reduced rainfall may result in lower yields and limited supply, further supporting the bullish outlook in the palm oil market