Palm Oil Has Now Headed Up 4 Out of the Past 5 Days

The Hourly View for Palm Oil

  • At the moment, PLO’s price is down $-50 (-0.98%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Palm Oil has now gone down 4 of the past 5 hours.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Palm Oil. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Palm Oil’s hourly price chart is shown below.

PLO

The Daily View for Palm Oil

  • At the time of this writing, PLO’s price is up $121 (2.4%) from the day prior.
  • Palm Oil has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
  • The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • Divergence between PLO’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in PLO’s price.

Below is a daily price chart of Palm Oil.

PLO