- Key support is at 3,888 ringgit, a break below which could cause a fall to 3,738 ringgit.
SINGAPORE: Palm oil may test a resistance at 4,010 ringgit per tonne, a break above which could lead to a gain to 4,282 ringgit.
The contract managed to stabilize above a rising trendline. The uptrend from 3,495 ringgit is considered steady. It may extend to 4,525 ringgit.
Key support is at 3,888 ringgit, a break below which could cause a fall to 3,738 ringgit.
On the daily chart, the long-shadowed hammer on Tuesday signals the completion of a high-low bottom. The uptrend is ready to resume.
The high-low bottom has been a repeating pattern over the past year. It is highly to work again this time.
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