Palm oil still targets 3,602 ringgit

SINGAPORE: Palm oil still targets 3,602 ringgit per tonne, as its bounce looks incomplete.

A retracement analysis on the downtrend from 4,525 ringgit to 3,251 ringgit suggests a target zone of 3,552 ringgit to 3,738 ringgit, which engulfs 3,602 ringgit.

Support is at 3,351 ringgit, a break below could cause a fall into the 3,195-3,273 ringgit range.

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