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Palm oil target of 3,240 ringgit/T intact

SINGAPORE : A bullish target at 3,240 ringgit per tonne is unchanged for Malaysian palm oil based on a channel technique
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By Shoaib Ur Rehman
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palmSINGAPORE: A bullish target at 3,240 ringgit per tonne is unchanged for Malaysian palm oil based on a channel technique.

The contract has stood firm above the upper channel line of a rising channel which was duplicated from a lower channel within which the contract has been climbing from the Oct. 6 low of 2,754 ringgit.

A retracement from the current level could be shallow, limited to 3,100 ringgit.

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

 

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