Palm oil to bounce into 3,360-3,427 ringgit range

SINGAPORE: Palm oil is expected to bounce into a range of 3,360-3,427 ringgit, as it has found a support at 3,243 ringgit per tonne.

The support may not have worked so well, if the bullish divergence on the hourly RSI did not appear.

Palm oil may retest support at 3,427 ringgit

The indicator suggests an exhaustion of the fall.

A break below 3,243 ringgit may be followed by a drop into 3,054-3,171 ringgit.