Palm oil may retest support at 3,465 ringgit
- The weak bounce triggered by the support at 3,465 ringgit could have completed around a falling trendline. The wave C may have resumed.
SINGAPORE: Palm oil may retest a support at 3,465 ringgit, a break below which could cause a fall into 3,300-3,405 ringgit range.
The contract could be riding on a wave C from 3,720 ringgit, which is the third wave of a three-wave cycle from 3,888 ringgit.
This wave is capable of travelling to 3,148 ringgit, the 61.8% retracement of the uptrend from 2,691 ringgit to 3,888 ringgit.
The weak bounce triggered by the support at 3,465 ringgit could have completed around a falling trendline. The wave C may have resumed.
A break above 3,564 ringgit could lead to a gain into 3,600-3,646 ringgit. On the daily chart, the contract seems to have completed a pullback towards a resistance at 3,581 ringgit. It is expected to drop to 3,411 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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