Palm oil may rise into 3,474-3,504 ringgit range
- Immediate support is at 3,426 ringgit, a break below which could cause a fall into 3,348-3,381 ringgit range.
SINGAPORE: Palm oil may rise into a range of 3,474-3,504 ringgit per tonne, as it has cleared a resistance at 3,426 ringgit.
The resistance is identified as the 200% projection level on an uptrend from 2,764 ringgit. The next resistance is at 3,474 ringgit, a break above which could open the way towards the zone of 3,504-3,552 ringgit.
Immediate support is at 3,426 ringgit, a break below which could cause a fall into 3,348-3,381 ringgit range.
On the daily chart, the contract has broken a resistance at 3,411 ringgit, the 61.8% projection level of a presumed wave C from 2,691 ringgit.
The break opened the way towards 3,581 ringgit.
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