Palm oil may test resistance at 3,757 ringgit
- The correction triggered by the resistance at 3,883 ringgit was driven by a wave 4, which may have ended around 3,679 ringgit, as suggested by its three-wave structure and the bounce from the Tuesday low of 3,690 riniggit.
SINGAPORE: Palm oil may test a resistance at 3,757 ringgit per tonne, a break above which could lead to a gain to 3,835 ringgit.
The resistance is identified as the 300% projection level on the uptrend from 2,764 ringgit.
The part of this trend from 3,370 ringgit adopted a five-wave mode.
The correction triggered by the resistance at 3,883 ringgit was driven by a wave 4, which may have ended around 3,679 ringgit, as suggested by its three-wave structure and the bounce from the Tuesday low of 3,690 riniggit.
A break below 3,712 ringgit may cause a fall into 3,631-3,679 ringgit range. On the daily chart, the contract found a support at 3,698 ringgit, the 86.4% projection level of an upward wave C from 2,691 ringgit. Chances are the uptrend may resume from around this support.
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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