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.
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.
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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