SINGAPORE: Malaysian palm oil will revisit the previous trading session's low of 2,857 ringgit per tonne, based on a channel technique.
The contract has fallen below a falling channel on Monday, but a rebound has pushed it back into the channel line, and given the current strong bearish momentum, it is doubtful whether palm oil could break above the upper channel line resistance at 2,940 ringgit.
A duplicated lower channel from the upper channel points to a target at 2,820 ringgit, which could become available after the low at 2,857 ringgit is exceeded.
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.
Comments
Comments are closed for this article.