Palm oil may retest resistance at 4,587 ringgit
- On the hourly chart, a projection analysis reveals a precise resistance at 4,557 ringgit
SINGAPORE: Palm oil may retest a resistance at 4,587 ringgit per tonne, a break above which could lead to a gain to 4,698 ringgit.
The correction triggered by the resistance seems to have ended around a support at 4,407 ringgit. An upward wave C may have resumed towards a range of 4,587-4,698 ringgit.
The uptrend looks incomplete, as based on the depth of the correction from the July 30 high of 4,498 ringgit, the trend may extend to 4,878 ringgit. A break below 4,407 ringgit could cause a fall into 4,239-4,321 ringgit range.
Price of imported palm oil rises unprecedentedly by over 100pc
On the hourly chart, a projection analysis reveals a precise resistance at 4,557 ringgit, the 161.8% projection level of an upward wave 3 from 4,169 ringgit.
The shallow drop triggered by this resistance has almost been reversed. The reversal signals a continuation of the uptrend towards 4,649 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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