Palm oil may revisit Tuesday low of 3,827 ringgit
- A small rising channel indicates a drop towards 3,698 ringgit, which will be targeted when palm oil falls below 3,827 ringgit.
SINGAPORE: Palm oil may revisit its Tuesday low of 3,827 ringgit, following its failure to break a resistance at 3,929 ringgit per tonne again.
The failures suggest a false break above the Jan. 6 high of 3,888 ringgit or an exhaustion of the rally.
A big gap forming Monday has been partially filled.
With the weakness around 3,929 ringgit, this gap may be further covered.
A break above 3,929 ringgit could open the way towards the range of 4,008-4,087 ringgit range. On the daily chart, another doji formed on Tuesday, adding more bearish tone to the one on Monday.
A small rising channel indicates a drop towards 3,698 ringgit, which will be targeted when palm oil falls below 3,827 ringgit.
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