Palm oil may rise into 3,844-3,926 ringgit range
- On the daily chart, a high-low bottom may have completed, as the contract stabilized around a support at 3,659 ringgit.
SINGAPORE: Palm oil may rise into a range of 3,844-3,926 ringgit per tonne, as it has cleared a resistance at 3,761 ringgit.
The next resistance will be at 3,844 ringgit, a break above which could lead to a gain to 3,926 ringgit. With the fall from the April 8 high of 3,921 ringgit having been gradually reversed, it is possible that the uptrend from the March 31 low of 3,495 ringgit has resumed.
A fall below 3,722 ringgit could dim the bullish outlook, a bearish target zone of 3,597-3,659 ringgit will be established accordingly.
On the daily chart, a high-low bottom may have completed, as the contract stabilized around a support at 3,659 ringgit.
A surprise fall below 3,659 ringgit may be limited to 3,597 ringgit, which is pointed by a rising trendline.
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.
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