Palm oil may stabilize around 3,895 ringgit and rise
- On the daily chart, the drop is regarded as a pullback towards the Jan. 6 high of 3,884 ringgit. The uptrend remains steady.
SINGAPORE: Palm oil may stabilize around a support at 3,895 ringgit per tonne, and bounce towards a zone of 3,965-4,052 ringgit.
The support is provided by the 50% retracement of the uptrend from 3,598 ringgit to 4,192 ringgit. It is strengthened by another support established by the narrow congestion area forming between March 8 and March 10.
Chances are the current fall may temporarily end around 3,895 ringgit.
A further drop below this level may be limited to 3,825 ringgit.
On the daily chart, the drop is regarded as a pullback towards the Jan. 6 high of 3,884 ringgit. The uptrend remains steady.
It is riding on a wave C from 2,691 ringgit, which is capable of travelling into 4,301-4,576 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.