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Palm oil may break resistance at 4,393 ringgit

  • It is expected to test the resistance zone of 4,486-4,576 ringgit, formed by the 2008 high and a 161.8% projection level.
Published May 12, 2021

SINGAPORE: Palm oil is poised to break a resistance at 4,436 ringgit per tonne and rise into 4,494-4,556 ringgit range.

The contract is riding on a powerful wave (3)-3, which has been disrupted by a shallow correction on May 10. The correction seems to have ended at 4,281 ringgit.

The contract failed twice to break 4,436 ringgit, it may succeed in its current attempt.

A break below 4,281 ringgit could cause a fall into a zone of 4,169-4,231 ringgit.

On the daily chart, the contract has completed a pullback towards a former resistance at 4,301 ringgit.

It is expected to test the resistance zone of 4,486-4,576 ringgit, formed by the 2008 high and a 161.8% projection level.

Either of these levels could work as a strong resistance to trigger a decent correction. When joining hands, they are likely to stop the sharp rally.

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.

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