SINGAPORE: Palm oil may rise into a range of 3,690-3,773 ringgit per tonne, as it has stabilised around a support of 3,494 ringgit.
The contract failed twice to break 3,494 ringgit, around which a temporary bottom has formed.
The stabilisation suggests the completion of a wave c, which only narrowly missed its target of 3,420 ringgit.
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Immediate support is at 3,569 ringgit, a break below which could cause a fall to 3,494 ringgit.
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