Palm oil may retest resistance at 4,873 ringgit

SINGAPORE: Palm oil may retest a resistance at 4,873 ringgit per tonne, a break above which could lead to a gain to 4,948 ringgit.

The contract has broken a falling trendline.

The break suggests a further reversal of the downtrend from 5,220 ringgit.

The correction triggered by the resistance is regarded as a pullback towards the trendline.

Support is at 4,812 ringgit, a break below which may cause a fall to 4,751 ringgit.

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