The Hourly View for Palm Oil

• At the time of this writing, PLO’s price is up $28 (0.68%) from the hour prior.
• This is a reversal of the price action on the previous hour, in which price moved down.
• As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe.
• Price action traders may also wish to note that we see a doji candlestick pattern on Palm Oil. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
• The moving averages on the hourly 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.

Palm Oil’s hourly price chart is shown below.

The Daily View for Palm Oil

• At the time of this writing, PLO’s price is up $23 (0.56%) from the day prior.
• This is a reversal of the price action on the previous day, in which price moved down.
• If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
• Of note is that the 50 day changed directions on PLO; it is now pointing up. 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.

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