Palm oil July contract may hover below 3,722 ringgit
- On the third month continuous chart, the contract seems to be riding on a wave c, which is capable of travelling far below the nearest support at 3,659 ringgit
SINGAPORE: Palm oil July contract faces a resistance at 3,722 ringgit per tonne. It may hover below this level or retreat to 3,654 ringgit.
This is the 61.8% retracement of the fall from 3,945 ringgit to 3,362 ringgit. It works together the one at 3,717 ringgit, the April 8 high, to stop the rise.
A break below 3,654 ringgit could open the way towards 3,585 ringgit, while a break above 3,722 ringgit could lead to a gain to 3,807 ringgit.
On the third month continuous chart, the contract seems to be riding on a wave c, which is capable of travelling far below the nearest support at 3,659 ringgit.
Following its second failure to break 3,659 ringgit, the contract may succeed in its third attempt.
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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