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Palm oil target 3,083 ringgit/T intact

SINGAPORE : A bullish target at 3,083 ringgit per tonne is unchanged for Malaysian palm oil as indicated by a bullish tr
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By Shoaib Ur Rehman
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palmSINGAPORE: A bullish target at 3,083 ringgit per tonne is unchanged for Malaysian palm oil as indicated by a bullish triangle.

The contract has stood firm above the upper trendline of the pattern, confirming a continued rise to Aug 15 high at 3,083 ringgit, following a preceding climb from 2,917 ringgit to 3,083 ringgit.

Support is at 3,012 ringgit, a fall below which will extend to 2,953 ringgit.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

 

Copyright Reuters, 2011

 

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