Palm Oil Prices Drift Higher Despite Overbought Conditions

Palm oil prices edged higher and continue to glide in a slow uptrend. Prices have remained stable despite the recent decline in bean oil prices, which were driven lower by declining soybean prices. CPO prices have edged above resistance which is now support near 39.  Resistance is seen near the bollinger band highs which is 2-standard deviations above the 20-week moving average. Support is seen near the…