SINGAPORE: Palm oil may test a resistance at 3,810 ringgit per tonne, with a good chance of breaking above this level and rising into 3,887-4,011 ringgit range.
A correction from 4,192 ringgit has completed. The correction consists of three waves. The wave B peaked at 4,011 ringgit, which may be revisited.
The current rise is controlled by a set of projection levels on the wave C. After climbing above 3,749 ringgit, the contract is expected to gain more into 3,810-3,887 ringgit range.
A drop below 3,725 ringgit could signal a reversal of the rise from the March 31 low of 3,495 ringgit. On the daily chart, a rising trendline remains steady, which signals an intact uptrend.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
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