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Markets

Palm oil neutral in 3,761-3,844 ringgit range

  • A high-low bottom developing above a rising trendline has taken shape. It confirms a completion of the drop from 4,192 ringgit and the continuation of the uptrend.
21 Apr 2021

SINGAPORE: Palm oil looks neutral in a range of 3,761-3,844 ringgit per tonne, and an escape could suggest a direction.

A break above 3,844 ringgit could lead to a gain into a zone of 3,926-4,028 ringgit, while a break below 3,761 ringgit could cause a fall to 3,659 ringgit.

The bias could be towards the upside, as the contract has broken a falling trendline. On the daily chart, the big white candlestick on Tuesday looks very bullish. It suggests a further gain on Wednesday.

A high-low bottom developing above a rising trendline has taken shape. It confirms a completion of the drop from 4,192 ringgit and the continuation of the uptrend.

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