Palm oil targets 4,130-4,169 ringgit range
- On the daily chart, the contract managed to close above a resistance at 4,026 ringgit for three days. It has escaped from a consolidation range of 3,856-4,026 ringgit, which suggests a target of 4,400 ringgit.
SINGAPORE: Palm oil may break a resistance at 4,098 ringgit per tonne and rise into a range of 4,130-4,169 ringgit. The corrections triggered by this barrier became shallower. This is a bullish signal that the resistance is weaker under repeated attacks by bulls.
The fall towards 4,010 ringgit on Wednesday could be the last correction before the resistance is broken. Support is at 4,010 ringgit, a break below which could cause a fall into the range of 3,905-3,967 ringgit.
On the daily chart, the contract managed to close above a resistance at 4,026 ringgit for three days. It has escaped from a consolidation range of 3,856-4,026 ringgit, which suggests a target of 4,400 ringgit.
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