SINGAPORE: Palm oil looks neutral in a range of 4,085-4,350 ringgit per tonne, and an escape could suggest a direction.
The contract not only failed to test a resistance at 4,452 ringgit on Wednesday, but also briefly pierced below the support at 4,085 ringgit.
Its behaviour proves the rise from the Aug. 19 low of 4,000 to be a bounce against the fall from the August 12 high of 4,495 ringgit.
The uptrend from the July 14 low of 3,489 ringgit may have indeed reversed at 4,495 ringgit.
Palm oil may test resistance at 4,452 ringgit
A braek above 4,350 ringgit may lead to a gain into 4,452-4,680 ringgit.
On the daily chart, the contract failed to break 4,331 ringgit.
This latest development revitalises a wave count that labels the rise from 3,489 ringgit as a wave (4), which will be reversed by a downward wave (5).
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