Palm oil may rise to 3,757 ringgit
- On the daily chart, the contract is poised to test a resistance at 3,698 ringgit, the 86.4% projection level of an upward wave C from 2,691 ringgit.
SINGAPORE: Palm oil may rise to 3,757 ringgit per tonne, driven by a wave 5.
The contract has almost broken a resistance at 3,679 ringgit, which is identified as the 276.4% projection level of an upward wave 5 from 2,764 ringgit.
Given that the preceding wave 3 looks rather short, this wave 5 may extend a lot.
A correction from the current level may be limited to a support at 3,631 ringgit.
On the daily chart, the contract is poised to test a resistance at 3,698 ringgit, the 86.4% projection level of an upward wave C from 2,691 ringgit.
This is the last barrier towards 3,856 ringgit. Based on the its strong momentum, this wave C may travel far above 3,856 ringgit.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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