Palm oil biased to rise to 3,194 ringgit/T

SINGAPORE: Malaysian palm oil remains neutral as it is still trapped in a range of 3,083 to 3,138 ringgit per tonne.

But the bias is with the bulls, as the contract has come to the high of the range. With one more push, it will be able to stand above 3,138 ringgit, the neckline of a double-bottom, with a target to be established at 3,194 ringgit, while a fall below 3,083 ringgit will extend to 3,027 ringgit.

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Copyright Reuters, 2011