ANL 13.80 Decreased By ▼ -0.14 (-1%)
ASC 14.56 Increased By ▲ 0.86 (6.28%)
ASL 15.30 Increased By ▲ 0.04 (0.26%)
AVN 99.89 Increased By ▲ 0.29 (0.29%)
BOP 8.60 Decreased By ▼ -0.06 (-0.69%)
CNERGY 7.01 Decreased By ▼ -0.01 (-0.14%)
FFL 9.49 Increased By ▲ 0.10 (1.06%)
FNEL 9.39 Increased By ▲ 0.20 (2.18%)
GGGL 14.90 No Change ▼ 0.00 (0%)
GGL 22.12 Decreased By ▼ -0.47 (-2.08%)
GTECH 9.97 Decreased By ▼ -0.18 (-1.77%)
HUMNL 6.66 Decreased By ▼ -0.02 (-0.3%)
KEL 3.26 Decreased By ▼ -0.02 (-0.61%)
KOSM 4.38 Increased By ▲ 0.04 (0.92%)
MLCF 34.04 Increased By ▲ 0.14 (0.41%)
PACE 4.35 Increased By ▲ 0.02 (0.46%)
PIBTL 7.40 Decreased By ▼ -0.04 (-0.54%)
PRL 14.90 Increased By ▲ 0.14 (0.95%)
PTC 9.10 Decreased By ▼ -0.09 (-0.98%)
SILK 1.41 Decreased By ▼ -0.04 (-2.76%)
SNGP 34.50 Increased By ▲ 0.21 (0.61%)
TELE 17.75 Increased By ▲ 0.07 (0.4%)
TPL 15.35 Decreased By ▼ -0.24 (-1.54%)
TPLP 29.90 Increased By ▲ 0.15 (0.5%)
TREET 41.01 Increased By ▲ 0.21 (0.51%)
TRG 94.35 Decreased By ▼ -2.45 (-2.53%)
UNITY 28.20 Decreased By ▼ -0.49 (-1.71%)
WAVES 15.53 Decreased By ▼ -0.12 (-0.77%)
WTL 2.35 Decreased By ▼ -0.04 (-1.67%)
YOUW 8.22 Increased By ▲ 0.26 (3.27%)
BR100 4,678 Decreased By -8.6 (-0.18%)
BR30 18,623 Decreased By -17.3 (-0.09%)
KSE100 45,507 Decreased By -104.8 (-0.23%)
KSE30 17,926 Decreased By -16.4 (-0.09%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,029
1024hr
Pakistan Cases
1,333,521
5,03424hr
Sindh
505,930
Punjab
454,372
Balochistan
33,729
Islamabad
111,855
KPK
182,419
Markets

Palm oil may fall to 3,195 ringgit

  • On the daily chart, the contract closed far below a resistance at 3,537 ringgit. It is expected to fall towards 3,232 ringgit.
17 Jun, 2021

SINGAPORE: Palm oil may break a support at 3,351 ringgit per tonne and fall to 3,195 ringgit.

The bounce triggered by the support has been totally reversed. The reversal signals a continuation of a downward wave C towards its ultimate target at 3,195 ringgit.

Strategically, the target will be confirmed when the contract falls below 3,299 ringgit. A break above 3,447 ringgit could confirm an extension of the bounce towards 3,506-3,602 ringgit range.

On the daily chart, the contract closed far below a resistance at 3,537 ringgit. It is expected to fall towards 3,232 ringgit.

A rising channel indicates a lower target around 3,200 ringgit, which is close to 3,195 ringgit (hourly chart). Most likely, this round of deep drop from 4,525 ringgit could end around 3,200 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.

Comments

Comments are closed.