19/04/2013 (Myiris.com) - After a sharp fall, MCX Crude Palm Oil has done a three wave pull-back. To mark the end of the pull-back, the commodity has formed an ending diagonal in the third leg. At the high the price has formed an Inverted Hammer suggesting that bears have taken over, said Sharekhan.

Commenting on the outlook, the broking firm said, ''The daily momentum indicator, which was showing a negative divergence, has given a sell signal. Thus the upside looks caped at the high of Rs 471.60. The short-term target on the downside would be Rs 426.40.''

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