Palm oil neutral in 4,676-4,751 ringgit range

SINGAPORE: Palm oil looks neutral in a range of 4,676-4,751 ringgit per tonne, and an escape could suggest a direction.

The consolidation within the range is taking the shape of a triangle, which may become a bullish continuation pattern, as it appeared after an uptrend.

However, the triangle may prove to be a top pattern if the contract breaks 4,676 ringgit.

A break above 4,751 ringgit may trigger a gain limited to 4,812 ringgit.

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