SINGAPORE: Palm oil may drop further into a range of 3,288-3,344 ringgit per tonne, as it has broken a support at 3,418 ringgit. The support could have been working as the final barrier towards 3,288 ringgit.
The wave 2 ended at 3,344 ringgit, which serves as a closer target.
Resistance is at 3,418 ringgit, a break above which could lead to a weak gain to 3,451 ringgit.
On the daily chart, the deep drops from the May 9 high of 3,837 ringgit suggest a continuation of the downtrend from 4,425 ringgit.
Palm oil ends lower on rising output
The trend observes set of projection levels on the fall from 3,980 ringgit.
This projection analysis indicates a target zone of 3,055-3,273 ringgit.
Comments
Comments are closed.