Palm oil may test support at 3,300 ringgit

SINGAPORE: Palm oil may test a support at 3,300 ringgit per tonne, a break below which could cause a fall to 3,221 ringgit.

The consecutive falls over the past few days show no signs of completion yet. Until a convincing signal comes out, the drop may extend further.

The drop observes a set of projection levels on the uptrend from 2,764 ringgit. The nearest support is at 3,300 ringgit, the 161.8% level.

Resistance is at 3,381 ringgit, a break above which could lead to a gain into 3,426-3,474 ringgit range. On the daily chart, the contract has broken a support at 3,411 ringgit, it is dropping towards 3,274 ringgit, the 50% projection level of an uptrend from 2,691 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.