Palm oil may seek support at 4,195 ringgit
- A break below this level may open the way towards the range of 4,021 ringgit to 4,117 ringgit.
SINGAPORE: Palm oil may seek a support at 4,195 ringgit per tonne and start a bounce thereafter.
The contract may slide a bit more after the deep drop on Wednesday. The fall of overnight US grains may have a bearish impact on palm oil price as well.
Given that the support at 4,195 ringgit triggered a decent bounce on May 18. It may hold again to cause a weaker bounce.
A break below this level may open the way towards the range of 4,021 ringgit to 4,117 ringgit.
On the daily chart, the contract may consolidate in a zone of 4,192 ringgit to 4,576 ringgit for some days. Until now, there has not been any trend reversal signal.
The uptrend may resume upon the completion of the consolidation.
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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