SINGAPORE: Palm oil may drop to 3,798 ringgit per tonne, as it may have completed a bounce from 3,667 ringgit.
The bounce ended around a resistance at 3,991 ringgit, after the formation of an exhaustion gap forming on Tuesday. This gap will be filled.
The downtrend from 4,192 ringgit has resumed, driven by a wave C, which is capable of travelling into 3,554-3,676 ringgit range.
A break above 3,991 ringgit could lead to a gain at 4,068 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.
Comments
Comments are closed.