Palm oil still targets 3,844-3,926 ringgit range

SINGAPORE: Palm oil still targets a range of 3,844-3,926 ringgit per tonne, as it has cleared a resistance at 3,761 ringgit.

The contract has completed a pullback towards 3,716 ringgit.

It is poised to test the next resistance at 3,844 ringgit. The current rise looks more like a resumption of the uptrend from 3,495 ringgit.

A break below 3,722 ringgit could open the way towards 3,659 ringgit. On the daily chart, the uptrend has resumed, following the formation of a high-low bottom.

This pattern repeated a few times. It is a convincing signal of the trend continuation. Only a break below 3,659 ringgit could suggest an extension of the downtrend from 4,192 ringgit.

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