Palm oil poised to break resistance at 4,028 ringgit
- On the daily chart, the uptrend looks steady. It is riding on a wave C which is expected to travel into 4,301-4,576 ringgit range.
SINGAPORE: Palm oil is poised to break a resistance at 4,028 ringgit per tonne, and rise to 4,192 ringgit.
More than 60% of the downtrend from 4,192 ringgit has been reversed. Chances are that this high may be revisited.
A failure to break 4,028 ringgit, which is around the peak of the wave B, would signal the development of a temporary peak. The contract may then start a correction.
Support is at 3,926 ringgit, a break below which could cause a fall to 3,844 ringgit.
On the daily chart, the uptrend looks steady. It is riding on a wave C which is expected to travel into 4,301-4,576 ringgit range.
The doji forming on Thursday will be considered as a bearish reversal signal only when the contract closed below 3,938 ringgit on Friday.
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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