The contract is presumed to be riding on a wave c, which is capable of travelling below 3,659 ringgit. This wave may end around 3,659 ringgit, if it is very weak.
SINGAPORE: Palm oil contract has found a support at 3,659 ringgit per tonne. It may hover above this level or bounce into the range of 3,761-3,844 ringgit.
The contract is presumed to be riding on a wave c, which is capable of travelling below 3,659 ringgit. This wave may end around 3,659 ringgit, if it is very weak.
A break below 3,659 ringgit could open the way towards the range of 3,544-3,597 ringgit range. On the daily chart, a high-low bottom could still be developing above a rising trendline.
As long as the trendline remains intact, the uptrend will be steady.
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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