Palm oil may retreat to 3,322 ringgit
- On the daily chart, the contract managed to hover above a rising trendline.
SINGAPORE: Palm oil may retreat to 3,322 ringgit per tonne, as it failed to break a resistance at 3,422 ringgit.
The resistance is identified as the 38.2% retracement of the downtrend from 3,846 ringgit to 3,160 ringgit.
It has triggered a correction towards the support at 3,322 ringgit.
Until the contract gets out of the range of 3,322-3,422 ringgit, it will be hard to figure out the future direction, as the nature of the rise from the Feb. 3 low of 3,210 ringgit remains unknown.
A break above 3,422 ringit could lead to a gain to 3,503 ringgit, while a break below 3,322 ringgit could cause a fall into 3,208-3,260 ringgit range.
On the daily chart, the contract managed to hover above a rising trendline.
The uptrend looks steady right this moment.
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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