Palm oil targets 4,331-4,393 ringgit range
- On the daily chart, the uptrend has just been confirmed. It looks steady and may develop faster over the next few weeks.
SINGAPORE: Palm oil may extend gains into a range of 4,331-4,393 ringgit per tonne, driven by a powerful wave (3)-3.
The strong rally on Thursday confirmed this wave which is supposed to be fierce and sharp.
Even though it faces many resistances ahead, it could easily overcome these barriers.
These resistances may trigger very shallow corrections.
A decent correction will be highly unlikely. Support is at 4,169 ringgit,a break below which could cause a fall limited to the zone of 4,098-4,130 ringgit.
On the daily chart, the uptrend has just been confirmed. It looks steady and may develop faster over the next few weeks.
A projection analysis suggests an aggressive target of 4,576 ringgit, which may be fulfilled very soon.
It is the right time that bears give up their fancies to deep corrections.
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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