Yesterday's Closing:
• Malaysian palm oil closed at 4201 (-0.83%) on March 19, 2024, after initially falling to 4205 in the early morning session.
• In the afternoon and evening sessions, prices were consolidating between 4225 and 4205.
Fundamental Analysis:
• The price decline in the last session was influenced by competitive prices of rival oils, higher output data, and sluggish export data.
• The rebound in palm oil prices on March 20 was driven by strength in rival Dalian palm oil prices, reflecting the interdependence of palm oil with other oils in the global market.
• Malaysian palm oil is currently trading at 4245 levels (+1.07%), above its pivot level of 4223.
• If the current strength persists, the first resistance is placed at 4249, followed by a second resistance at 4298.
• On the downside, the two support levels are 4174-4148.
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