SINGAPORE: Palm oil may rise to a range of 3,919-4,008 ringgit per tonne, as it has broken a falling trendline and the upper trendline of a small wedge.
The break opened the way towards the Sept. 21 high of 3,919 ringgit.
The wedge suggests a higher target of 4,008 ringgit.
There will be a pullback towards the falling trendline. However, it is not very clear where this pullback is going to occur. Both the resistance at 3,919 ringgit or 4,008 ringgit may trigger the pullback.
A break below 3,824 ringgit may cause a fall to 3,745 ringgit.
On the daily chart, the contract is poised to rise into 3,891-4,070 ringgit range.
The higher palm oil rises, the more likely it would revisit the August 12 high of 4,495 ringgit.
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