Palm oil may edge up to 3,684 ringgit
- On the daily chart, palm oil has cleared a resistance at 3,606 ringgit, the 23.6% retracement on the uptrend from 2,691 ringgit to 3,888 ringgit. It is likely to gain more to 3,713 ringgit.
SINGAPORE: Palm oil may edge up to 3,684 ringgit per tonne, as it has cleared a resistance at 3,584 ringgit.
The resistance is identified as the 61.8% retracement of the downtrend from 3,846 ringgit to 3,160 ringgit. The next resistance will be at 3,684 ringgit, a break above which could lead to a gain to 3,753 ringgit.
A drop towards 3,584 ringgit will be regarded as a pullback, until it extends below this level, as such an extension would signal a completion of the rise from the Feb. 3 low of 3,210 ringgit.
On the daily chart, palm oil has cleared a resistance at 3,606 ringgit, the 23.6% retracement on the uptrend from 2,691 ringgit to 3,888 ringgit. It is likely to gain more to 3,713 ringgit.
A fall below 3,606 ringgit, however, could indicate the break above this resistance was false, a bearish target of 3,431 ringgit will be established accordingly.
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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