SINGAPORE: Palm oil may test a resistance at 3,477 ringgit per tonne, a break above could lead to a gain into 3,549-3,608 ringgit range.
A small double-bottom developing around 3,243 ringgit has been confirmed, suggesting a target of 3,549 ringgit.
A retracement analysis reveals a similar target of 3,570 ringgit.
The current rise is still considered as a bounce against the fall from 3,919 ringgit.
This classification will be reviewed only if the contract could climb above 3,652 ringgit.
Support is at 3,360 ringgit, a break below could open the way towards 3,243-3,288 ringgit range.
On the daily chart, the contract found a support at 3,224 ringgit.
It is pulling back towards 3,489 ringgit, the July 14 low.
Palm oil may retest support at 3,427 ringgit
The pattern from Sept. 28 looks like a falling three method, which consists of a big black candlestick and three small white ones.
There might be one more small white candle to appear on Monday.
The drop may resume on Tuesday.
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