Palm oil may rise into 3,757-3,853 ringgit range
- The downtrend from 4,525 ringgit may resume when the pullback ends around trendline
SINGAPORE: Palm oil may break a resistance at 3,691 ringgit per tonne, and rise into 3,757-3,853 ringgit range.
Even without the technical signals, the market is strongly expected to rise on Thursday, simply based on the overnight crazy gains of CBOT grains.
A retracement analysis on the fall from 4,525 ringgit to 3,251 ringgit suggests a target zone of 3,738-3,888 ringgit, which engulfs the narrower target zone of 3,757-3,853 ringgit.
On the daily chart, the break above 3,537 ringgit opened the way towards 3,915 ringgit. Strong as it is, 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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