Palm oil may test resistance at 3,798 ringgit

SINGAPORE: Palm oil may test a resistance at 3,798 ringgit per tonne, a break above which could lead to a gain to 3,948 ringgit.

The support is provided by the 50% retracement of the uptrend from 3,160 ringgit to 4,192 ringgit.

It is strengthened by another one at 3,661 ringgit, the 100% projection level of a wave c from 3,981 ringgit.

A break below 3,661 ringgit could open the way towards 3,554 ringgit.

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.