Palm oil may test resistance at 4,260 ringgit
- Chances are that the high of 4,525 ringgit will be revisited
SINGAPORE: Palm oil may test a resistance at 4,260 ringgit per tonne, a break above could lead to a gain into a range of 4,352 ringgit to 4,525 ringgit.
The contract has broken a resistance at 4,105 ringgit. It is heading towards the peak of a wave B at 4,260 ringgit.
More than 61.8% of the downtrend from 4,525 ringgit has reversed.
Chances are that the high of 4,525 ringgit will be revisited.
A fall from the current level may be limited to 4,105 ringgit, now a support.
On the daily chart, the contract has broken a resistance at 4,147 ringgit.
The break opened the way towards 4,344-4,525 ringgit range.
Palm oil may test resistance at 3,931 ringgit
The rise from the June 21 low of 3,350 ringgit looks like a continuation of the uptrend from 1,939 ringgit, which was thought to be a bounce against the fall from 4,525 ringgit.
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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