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.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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.
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