Palm oil may test resistance at 3,931 ringgit
- A realistic target will be either 3,931 ringgit or 4,009 ringgit
SINGAPORE: Palm oil may test a resistance at 3,931 ringgit per tonne, a break above which could lead to a gain into a range of 4,009-4,105 ringgit.
The contract has broken a falling trendline. The break opened the way towards 4,260 ringgit.
A realistic target will be either 3,931 ringgit or 4,009 ringgit.
Generally, a break above a falling trendline will be followed by a pullback towards the line.
The expected pullback may occur in the range of 4,009-4,105 ringgit.
On the daily chart, the contract faces a resistance at 3,915 ringgit, which is strengthened by a similar one established by a rising trendline.
The current rise is classified as a pullback towards a rising trendline.
A break above 3,915 ringgit, however, would make this classification doubtful.
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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