Palm oil still targets 3,757 ringgit
- The resistance at 3,712 ringgit triggered a moderate correction, which may be limited to a support at 3,631 ringgit.
SINGAPORE: Palm oil still targets 3,757 ringgit per tonne, as suggested by its wave pattern and a projection analysis.
The contract is riding on a wave 5, which may extend a lot, as the preceding wave 3 looks rather short.
Based on this assumption, this wave 5 could at least travel to 3,835, the 323.6% projection level of an upward wave 5 from 2,764 ringgit.
The resistance at 3,712 ringgit triggered a moderate correction, which may be limited to a support at 3,631 ringgit.
On the daily chart, the contract has pierced above a resistance at 3,698 ringgit, the 86.4% projection level of an upward wave C from 2,691 ringgit. Chances are high that it may overcome this barrier and extend to 3,856 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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