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Markets

Palm oil may test resistance at 4,010 ringgit

  • Key support is at 3,888 ringgit, a break below which could cause a fall to 3,738 ringgit.
09 Jun, 2021

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.

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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