Palm oil neutral in 3,083-3,138 ringgit/T range

SINGAPORE: Malaysian palm oil remains temporarily neutral in a range of 3,083-3,138 ringgit per tonne.

Based on the range, a rise above 3,138 ringgit will open the way towards 3,194 ringgit. If palm oil rises to 3,194 ringgit, it would confirm a further gain towards 3,230 ringgit.

While a fall below 3,083 ringgit will extend to 3,027 ringgit, but only a deep drop below the July 6 low of 3,016 ringgit could confirm the resumption of a medium-term downtrend.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2011