Palm oil to rise to 3,083 ringgit/T

SINGAPORE: Malaysian palm oil will rise to 3,083 ringgit per tonne, as it has jumped above a triangle.

The pattern contracted to a point between 2,993 ringgit and 3,030 ringgit per tonne, and the rise above 3,030 ringgit confirmed it is bullish, meaning the Aug. 15 high at 3,083 ringgit will be surpassed eventually.

Support is at 2,993 ringgit, a fall below which will open the way to 2,953 ringgit.

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Copyright Reuters, 2011