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Palm oil may retreat into 3,967-4,010 ringgit range

  • The shallow correction on the hourly chart will be a basic preparation for breaking a resistance at 4,131 ringgit.
04 May 2021

SINGAPORE: Palm oil may retreat into a zone of 3,967 ringgit to 4,010 ringgit per tonne, following its failure to break a resistance at 4,098 ringgit.

The rise on Monday could be too sharp to sustain.

A moderate correction is highly likely. Increasing the chance of such a correction is the overnight drop in grains, which generally have a strong impact on the palm oil performance.

The uptrend from the March low of 3,495 ringgit could have resumed.

As a result, the following correction is expected to be shallow.

A break above 4,098 ringgit may lead to a gain into a zone of 4,130 ringgit to 4,169 ringgit.

On the daily chart, the contract is poised to leave a consolidation range of 3,856-4,026 ringgit.

The shallow correction on the hourly chart will be a basic preparation for breaking a resistance at 4,131 ringgit.

The uptrend 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.