Palm oil target of 3,738 ringgit aborted
- The support is not working alone. It is strengthened by another one at 3,856 ringgit on the daily chart and the third established by a rising channel.
SINGAPORE: A bearish target of 3,738 ringgit per tonne has been aborted for palm oil, as it is stabilizing around a support at 3,888 ringgit.
After repeatedly testing this support, the contract still failed to break it and then fall towards 3,738 ringgit. The failure strongly suggests the formation of a bottom around 3,888 ringgit.
With US grains having surged so much overnight, the bullish sentiment could have a big impact on Palm oil. Most likely, the contract could jump up at open on Wednesday.
The support is not working alone. It is strengthened by another one at 3,856 ringgit on the daily chart and the third established by a rising channel.
Despite all the black candlesticks over the past few days, there could be a drastic swing of the market sentiment and the price.
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