- It opened the way towards 3,915 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.
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.
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