Palm oil still targets 3,844-3,926 ringgit range
- It is poised to test the next resistance at 3,844 ringgit. The current rise looks more like a resumption of the uptrend from 3,495 ringgit.
SINGAPORE: Palm oil still targets a range of 3,844-3,926 ringgit per tonne, as it has cleared a resistance at 3,761 ringgit.
The contract has completed a pullback towards 3,716 ringgit.
It is poised to test the next resistance at 3,844 ringgit. The current rise looks more like a resumption of the uptrend from 3,495 ringgit.
A break below 3,722 ringgit could open the way towards 3,659 ringgit. On the daily chart, the uptrend has resumed, following the formation of a high-low bottom.
This pattern repeated a few times. It is a convincing signal of the trend continuation. Only a break below 3,659 ringgit could suggest an extension of the downtrend from 4,192 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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