Palm oil may retest resistance at 3,474 ringgit

SINGAPORE: Palm oil may retest a resistance at 3,474 ringgit per tonne, a break above which could lead to a gain into the 3,504-3,552 ringgit range.

Following its two failures, the contract may have accumulated enough momentum to overcome this barrier. The consolidation triggered by this resistance may have completed and the uptrend may have resumed.

Support is at 3,426 ringgit, a break below which could cause a fall into the 3,348-3,381 ringgit range.

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.