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.
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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