SINGAPORE: Palm oil still targets 3,798 ringgit per tonne, as it has completed a bounce from 3,667 ringgit.
The bounce ended around a key resistance at 3,991 ringgit, A common gap was filled. It indicates that the contract is still under a consolidation phase.
Palm oil may retest a support at 3,868 ringgit, a break below which could cause a fall to 3,798 ringgit.
A break above 3,948 ringgit may lead to a gain limited to 3,991 ringgit.
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