Palm Oil Trades Sideways Forming Head and Shoulder Pattern

Palm oil prices are trading in a sideways pattern, forming a topping pattern, as declining values of bean oil weigh on the vegetable oil complex.  Bean oil prices have broken down, but hedge funds are balanced in their bets on bean oil which will not accelerate the downward move. Market expectations are for higher than average soybean oil stocks at the end of January above 1.6 billion pounds, which could…