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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.
05 May 2021

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.

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.