Palm oil may test resistance at 3,856 ringgit
- A correction from the current level may be limited to 3,757 ringgit.
SINGAPORE: Palm oil may test a resistance at 3,856 ringgit per tonne, driven by a wave C.
This wave started at 2,691 ringgit. It has cleared a resistance at 3,698 ringgit, its 86.4% projection level, which is the last barrier towards 3,856 ringgit.
Five smaller waves make up the wave C. The presumed wave 3 looks very short, which suggests the development of an extended fifth wave.
Chances are the current wave 5 may travel far above 3,856 ringgit.
On the hourly chart, a projection analysis on the uptrend from 2,764 ringgit reveals a target zone of 3,835-3,883 ringgit, which engulfs 3,856 ringgit (daily chart).
A correction from the current level may be limited to 3,757 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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