SINGAPORE: Palm oil may break a resistance at 4,132 ringgit per tonne and rise towards 4,282 ringgit.
The resistance looks vulnerable following the strong surge on Wednesday. It won't be a surprise if palm oil opens above 4,132 ringgit on Thursday.
A failure to break the resistance may be followed by a very moderate correction, which is expected to end above 4,010 ringgit.
On the daily chart, the uptrend remains intact within a rising channel.
It would be too bold to target 4,576 ringgit right now.
However, the contract may approach this level over the next few weeks.
A realistic target will be 4,301 ringgit, which will be available when palm oil breaks 4,131 ringgit.
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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