SINGAPORE: Palm oil is expected to rise to 4,289 ringgit per tonne, as suggested by a projection analysis.
The contract is riding on a wave c, which has travelled far above its 100% projection level of 4,109 ringgit. Chances are it may extend to 4,289 ringgit.
Another projection analysis on a bigger wave C from 3,721 ringgit indicates a higher target of 4,360 ringgit, as it has briefly travelled above 4,209 ringgit.
A break below 4,109 ringgit may be followed by a drop to 3,997 ringgit.
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On the daily chart, an inverted head-and-shoulders may have completed.
Even though it will only be confirmed when the contract breaks 4,543 ringgit, it is time to confidently set a medium-term target of 6,000 ringgit.
A short-term target would be 4,331 ringgit, a break above which could lead to a gain to 4,543 ringgit.
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