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.
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.
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