Palm oil poised to break resistance at 4,098 ringgit
- Even though the contract failed four times to overcome this barrier, the subsequent corrections became shallower.
SINGAPORE: Palm oil is poised to break a resistance at 4,098 ringgit per tonne and rise into a range of 4,130-4,169 ringgit.
Even though the contract failed four times to overcome this barrier, the subsequent corrections became shallower.
This is a optimistic signal that the resistance became weaker under repeated attacks by bulls.
A correction from the current level may be limited to 3,967 ringgit. On the daily chart, the contract has almost left a consolidation range of 3,856-4,026 ringgit, which suggests a target of $4,400 ringgit.
The sideways move around 4,026 ringgit is expected to be brief, to end either on Wednesday or Thursday.
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