Palm oil may rise into 3,967-4,010 ringgit range
- A break below 3,855 ringgit could open the way towards the zone of 3,743-3,805 ringgit.
SINGAPORE: Palm oil may stabilise around a support at 3,855 ringgit per tonne, and rise into a range of 3,967-4,010 ringgit.
The support triggered a strong rise on April 26. It may cause another one.
Increasing the chance of a rise is the strong surge of grains on April 30, which may have a deep impact on palm oil prices.
A break below 3,855 ringgit could open the way towards the zone of 3,743-3,805 ringgit.
On the daily chart, a projection analysis reveals a similar support at 3,856 ringgit, which works together with the one on the hourly chart to stop a further fall.
The uptrend looks intact. It my eventually extend into 4,301-4,576 ringgit range.
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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