SINGAPORE: Palm oil may break a resistance at 3,552 ringgit per tonne, and rise to 3,631 ringgit.
The surge on Wednesday confirmed a continuation of the uptrend, which is driven by a wave 5. A projection analysis on the uptrend from 2,764 ringgit reveals a target of 3,631 ringgit.
Support is at 3,504 ringgit, a break below may cause a very shallow fall to 3,474 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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