Palm oil may test resistance at 4,587 ringgit
- Support is at 4,466 ringgit, a break below which could cause a fall into 4,352-4,409 ringgit range
SINGAPORE: Palm oil may test a resistance at 4,587 ringgit per tonne, a break above which could lead to a gain to 4,698 ringgit.
The uptrend from the June 18 low of 3,251 ringgit has continued. The trend observes closely a set of projection levels on the rise from 1,939 ringgit.
The contract has broken a resistance at 4,493 ringgit. It may gain more into a range of 4,587-4,698 ringgit.
Palm oil targets 4,344 ringgit
On the hourly chart, the contract could be riding on a fierce wave 3, which is expected to easily overcome the barrier at 4,557 ringgit.
Support is at 4,466 ringgit, a break below which could cause a fall into 4,352-4,409 ringgit range.
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