Palm oil neutral in 3,381-3,426 ringgit range
- However, the bearish divergence on the hourly MACD suggests a downside bias.
SINGAPORE: Palm oil looks neutral in a range of 3,381-3,426 ringgit per tonne. An escape could suggest a direction.
The fall from Monday's high of 3,470 ringgit could be a shallow correction against the rise from the Nov. 27 low of 3,200 ringgit or a deep one against the uptrend from the Oct. 2 low of 2,691 ringgit.
A rise above 3,426 ringgit could be extended into 3,474-3,504 ringgit range.
However, the bearish divergence on the hourly MACD suggests a downside bias.
A break below 3,381 ringgit could open the way towards 3,300-3,348 ringgit range.
On the daily chart, the break above a resistance at 3,411 ringgit proved false. The contract may at least consolidate for one or two days around this 61.8% projection level of a presumed wave C from 2,691 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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