ANL 33.97 Increased By ▲ 2.37 (7.5%)
ASC 19.56 Increased By ▲ 0.52 (2.73%)
ASL 25.85 Increased By ▲ 0.15 (0.58%)
AVN 90.21 Decreased By ▼ -1.31 (-1.43%)
BOP 8.41 No Change ▼ 0.00 (0%)
BYCO 12.54 Increased By ▲ 0.11 (0.88%)
DGKC 124.71 Decreased By ▼ -0.49 (-0.39%)
EPCL 47.65 Decreased By ▼ -0.05 (-0.1%)
FCCL 23.85 No Change ▼ 0.00 (0%)
FFBL 26.85 Increased By ▲ 0.34 (1.28%)
FFL 18.06 Decreased By ▼ -0.20 (-1.1%)
HASCOL 10.90 Decreased By ▼ -0.28 (-2.5%)
HUBC 80.51 Decreased By ▼ -0.08 (-0.1%)
HUMNL 8.57 Decreased By ▼ -0.28 (-3.16%)
JSCL 22.86 Increased By ▲ 0.07 (0.31%)
KAPCO 43.20 No Change ▼ 0.00 (0%)
KEL 4.12 Decreased By ▼ -0.06 (-1.44%)
LOTCHEM 15.75 No Change ▼ 0.00 (0%)
MLCF 47.67 Decreased By ▼ -0.58 (-1.2%)
PAEL 35.10 Decreased By ▼ -0.16 (-0.45%)
PIBTL 11.86 Decreased By ▼ -0.15 (-1.25%)
POWER 9.86 Decreased By ▼ -0.12 (-1.2%)
PPL 90.06 Increased By ▲ 0.01 (0.01%)
PRL 25.58 Decreased By ▼ -0.08 (-0.31%)
PTC 12.39 Decreased By ▼ -0.36 (-2.82%)
SILK 2.08 Decreased By ▼ -0.03 (-1.42%)
SNGP 48.00 Decreased By ▼ -0.10 (-0.21%)
TRG 162.50 Decreased By ▼ -0.01 (-0.01%)
UNITY 44.21 Decreased By ▼ -0.92 (-2.04%)
WTL 3.86 Decreased By ▼ -0.11 (-2.77%)
BR100 5,241 Decreased By ▼ -7.4 (-0.14%)
BR30 27,347 Decreased By ▼ -62.44 (-0.23%)
KSE100 47,987 Decreased By ▼ -25.38 (-0.05%)
KSE30 19,325 Decreased By ▼ -14.59 (-0.08%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
22,034
2724hr
Pakistan Cases
949,838
66324hr
1.7% positivity
Sindh
332,677
Punjab
345,141
Balochistan
26,673
Islamabad
82,394
KPK
137,147
Markets

Palm oil targets 4,331-4,393 ringgit range

  • On the daily chart, the uptrend has just been confirmed. It looks steady and may develop faster over the next few weeks.
07 May 2021

SINGAPORE: Palm oil may extend gains into a range of 4,331-4,393 ringgit per tonne, driven by a powerful wave (3)-3.

The strong rally on Thursday confirmed this wave which is supposed to be fierce and sharp.

Even though it faces many resistances ahead, it could easily overcome these barriers.

These resistances may trigger very shallow corrections.

A decent correction will be highly unlikely. Support is at 4,169 ringgit,a break below which could cause a fall limited to the zone of 4,098-4,130 ringgit.

On the daily chart, the uptrend has just been confirmed. It looks steady and may develop faster over the next few weeks.

A projection analysis suggests an aggressive target of 4,576 ringgit, which may be fulfilled very soon.

It is the right time that bears give up their fancies to deep corrections.

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.