BML 4.92 Increased By ▲ 0.02 (0.41%)
BOP 14.66 Decreased By ▼ -0.05 (-0.34%)
CNERGY 7.06 Increased By ▲ 0.03 (0.43%)
CPHL 88.90 Decreased By ▼ -0.29 (-0.33%)
DCL 12.74 Increased By ▲ 0.03 (0.24%)
DGKC 185.60 Decreased By ▼ -0.85 (-0.46%)
FCCL 51.00 Decreased By ▼ -0.05 (-0.1%)
FFL 16.95 Increased By ▲ 0.01 (0.06%)
GCIL 28.09 Increased By ▲ 0.39 (1.41%)
HUBC 164.30 Increased By ▲ 2.99 (1.85%)
KEL 5.05 Increased By ▲ 0.04 (0.8%)
KOSM 6.88 Decreased By ▼ -0.19 (-2.69%)
LOTCHEM 21.41 Increased By ▲ 0.02 (0.09%)
MLCF 95.03 Increased By ▲ 0.39 (0.41%)
NBP 154.30 Increased By ▲ 0.06 (0.04%)
PAEL 43.92 Increased By ▲ 0.26 (0.6%)
PIAHCLA 20.31 Increased By ▲ 0.64 (3.25%)
PIBTL 11.26 Increased By ▲ 0.06 (0.54%)
POWER 15.15 Increased By ▲ 0.02 (0.13%)
PPL 179.31 Increased By ▲ 0.79 (0.44%)
PREMA 39.92 Decreased By ▼ -0.27 (-0.67%)
PRL 31.00 Increased By ▲ 0.02 (0.06%)
PTC 23.87 Decreased By ▼ -0.03 (-0.13%)
SNGP 117.00 Increased By ▲ 0.66 (0.57%)
SSGC 43.15 Increased By ▲ 0.88 (2.08%)
TELE 7.92 Increased By ▲ 0.01 (0.13%)
TPLP 9.93 Decreased By ▼ -0.03 (-0.3%)
TREET 25.37 Increased By ▲ 0.71 (2.88%)
TRG 55.67 No Change ▼ 0.00 (0%)
WTL 1.43 Increased By ▲ 0.01 (0.7%)
BML 4.92 Increased By ▲ 0.02 (0.41%)
BOP 14.66 Decreased By ▼ -0.05 (-0.34%)
CNERGY 7.06 Increased By ▲ 0.03 (0.43%)
CPHL 88.90 Decreased By ▼ -0.29 (-0.33%)
DCL 12.74 Increased By ▲ 0.03 (0.24%)
DGKC 185.60 Decreased By ▼ -0.85 (-0.46%)
FCCL 51.00 Decreased By ▼ -0.05 (-0.1%)
FFL 16.95 Increased By ▲ 0.01 (0.06%)
GCIL 28.09 Increased By ▲ 0.39 (1.41%)
HUBC 164.30 Increased By ▲ 2.99 (1.85%)
KEL 5.05 Increased By ▲ 0.04 (0.8%)
KOSM 6.88 Decreased By ▼ -0.19 (-2.69%)
LOTCHEM 21.41 Increased By ▲ 0.02 (0.09%)
MLCF 95.03 Increased By ▲ 0.39 (0.41%)
NBP 154.30 Increased By ▲ 0.06 (0.04%)
PAEL 43.92 Increased By ▲ 0.26 (0.6%)
PIAHCLA 20.31 Increased By ▲ 0.64 (3.25%)
PIBTL 11.26 Increased By ▲ 0.06 (0.54%)
POWER 15.15 Increased By ▲ 0.02 (0.13%)
PPL 179.31 Increased By ▲ 0.79 (0.44%)
PREMA 39.92 Decreased By ▼ -0.27 (-0.67%)
PRL 31.00 Increased By ▲ 0.02 (0.06%)
PTC 23.87 Decreased By ▼ -0.03 (-0.13%)
SNGP 117.00 Increased By ▲ 0.66 (0.57%)
SSGC 43.15 Increased By ▲ 0.88 (2.08%)
TELE 7.92 Increased By ▲ 0.01 (0.13%)
TPLP 9.93 Decreased By ▼ -0.03 (-0.3%)
TREET 25.37 Increased By ▲ 0.71 (2.88%)
TRG 55.67 No Change ▼ 0.00 (0%)
WTL 1.43 Increased By ▲ 0.01 (0.7%)
BR100 15,100 Increased By 41.1 (0.27%)
BR30 43,391 Increased By 460 (1.07%)
KSE100 148,931 Increased By 115.3 (0.08%)
KSE30 45,223 Increased By 16.4 (0.04%)

SINGAPORE: Palm oil still targets 4,109 ringgit per tonne, as it failed to break a strong resistance at 4,289 ringgit. The resistance is identified as the 161.8% projection level of an upward wave c from 3,817 ringgit.

This wave may have ended around this level.

The current drop confirmed a false break above a lower resistance at 4,209 ringgit as well.

The drop is tentatively classified as a pullback towards a falling trendline.

The pullback looks far from complete, especially under the context of the deep drop of overnight CBOT grains. They are highly correlated.

A break above 4,209 ringgit may not lead to an impressive gain.

Most likely, the gain will be limited to 4,289 ringgit.

On the daily chart, an inverted head-and-shoulders has taken shape.

Palm oil may fall to 4,109 ringgit

The pattern suggests a medium-term target of 6,000 ringgit.

Based on the current slow pace, the contract may retrace more towards 4,070 ringgit before resuming its rise.

Since this barrier is near the peak of a wave B, which also established a similar resistance, a further drop to 3,891 ringgit could be likely.

Comments

Comments are closed.