Palm oil may retest support at 3,465 ringgit
- On the daily chart, the contract closed below a resistance at 3,581 ringgit. It is still likely to drop to 3,411 ringgit.
SINGAPORE: Palm oil may retest a support at 3,465 ringgit, a break below which could cause a fall into 3,300-3,405 ringgit range.
A correction from the Jan. 6 high of 3,888 ringgit looks incomplete. It may consist of three waves. The wave C from 3,720 ringgit is unfolding towards 3,148 ringgit, the 61.8% retracement of the uptrend from 2,691 ringgit to 3,888 ringgit.
Resistance is at 3,600 ringgit, a break above which could lead to a gain to 3,646 ringgit. Only a further gain could indicate an extension of the uptrend from 3,210 ringgit towards 3,888 ringgit.
On the daily chart, the contract closed below a resistance at 3,581 ringgit. It is still likely to drop to 3,411 ringgit.
A rise above the Monday high of 3,618 ringgit could be extended into 3,698-3,856 ringgit range.
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.
Comments
Comments are closed.