SINGAPORE: Palm oil still targets 3,853 ringgit per tonne, as it has broken a resistance at 3,718 ringgit. The break opened the way towards 3,853 ringgit.
Apart from a set of retracements on the downtrend from 4,425 ringgit, the contract observes closely a set of projection levels on the shorter trend from 4,247 ringgit.
The resistance at 3,810 ringgit triggered a pullback towards 3,718 ringgit.
It seems the pullback was over, after palm oil stabilized around 3,718 ringgit.
The strong rise of CBOT grains on March 31 may also fuel the bullish sentiment of palm oil. Market is most likely to open on Monday with a gap.
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A break below 3,718 ringgit may be followed by a drop into 3,658-3,690 ringgit range.
On the daily chart, the contract is expected to climb into a range of 3,859-4,009 ringgit, as it has broken a resistance at 3,708 ringgit.
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