Palm oil may rise into 4,008-4,048 ringgit range
- Based on the depth of the drop to 3,160 ringgit, the contract may surge to 4,576 ringgit.
SINGAPORE: Palm oil may rise into a range of 4,008-4,048 ringgit per tonne, as it has cleared a major barrier at 3,888 ringgit.
The barrier is identified as the Jan. 6 high. The consolidation over the past two days around this barrier has ended. The uptrend has resumed.
A projection analysis on the uptrend from 3,210 ringgit suggests a further gain into 4,008-4,087 ringgit range. Support is at 3,929 ringgit, a break below which could cause a fall into a zone of 3,880-3,903 ringgit.
On the daily chart, the big white candlestick on Wednesday represents a strong bullish momentum, which is likely to drive the price to 4,301 ringgit, as a key resistance at 3,856 ringgit has been broken.
Based on the depth of the drop to 3,160 ringgit, the contract may surge to 4,576 ringgit.
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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