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.
The contract has broken a lower resistance at 3,506 ringgit. The next resistance will be at 3,602 ringgit.
A retracement analysis on the fall from 4,525 ringgit to 3,251 ringgit suggests a target zone of 3,738-3,888 ringgit range.
A break below 3,506 ringgit, now a support, may cause a fall into 3,351-3,447 ringgit range.
On the daily chart, the break above 3,537 ringgit looks convincing.
It opened the way towards 3,915 ringgit.
The current rise is classified as a pullback towards a rising trendline. The downtrend from 4,525 ringgit may resume when the pullback ends around trendline.
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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