Palm oil may test resistance at 3,381 ringgit
- A break below 3,300 ringgit could cause a drop to 3,221 ringgit.
SINGAPORE: Palm oil may test a resistance at 3,381 ringgit, with a good chance of breaking above this level and rising into a range of 3,426 ringgit to 3,474 ringgit per tonne.
The contract managed to stabilize around a support at 3,300 ringgit, the 161.8% projection level of an uptrend from 2,764 ringgit.
The stabilization signals a completion of the successive falls over the past few days, or the first part of these falls. The contract is expected to bounce sharply or slowly.
A break below 3,300 ringgit could cause a drop to 3,221 ringgit.
On the daily chart, a spinning top formed around a support at 3,274 ringgit. It confirms a completion of the fall from the Jan. 6 high of 3,888 ringgit.
Over the next few days, the drop is expected to be partially reversed.
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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