Palm oil may test resistance at 3,602 ringgit

SINGAPORE: Palm oil may test a resistance at 3,602 ringgit per tonne, a break above could lead to a gain at 3,691 ringgit.

Buoyed by the strong gains in the overnight US grain markets, the contract is expected to open high and close high on Tuesday.

Even with this stimulus, it is still uncertain if the contract could break 3,602 ringgit in its first attempt, and rise into a range of 3,691 ringgit to 3,757 ringgit.

Support is at 3,447 ringgit, a break below could cause a fall to 3,351 ringgit. On the daily chart, the contract may have accumulated enough momentum to break a resistance at 3,537 ringgit.

A break may open the way towards 3,915 ringgit.

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