AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Palm oil may retest resistance at 4,501 ringgit

  • The correction triggered by the resistance at 4,557 ringgit is taking the shape of a wedge, which looks like a bullish continuation pattern
Published August 17, 2021

SINGAPORE: Palm oil may retest a resistance at 4,501 ringgit per tonne, a break above which could lead to a gain into 4,557-4,649 ringgit range.

The correction triggered by the resistance at 4,557 ringgit is taking the shape of a wedge, which looks like a bullish continuation pattern.

Wave pattern indicates the development of a wave 4, which will be reversed by an upward wave 5. The wedge will be confirmed, when palm oil breaks 4,501 ringgit. It will then suggest a target of 4,649 ringgit.

Palm oil may retest resistance at 4,587 ringgit

Support is at 4,409 ringgit, a break below which may cause a fall to 4,317 ringgit. On the daily chart, palm oil is riding on a wave C which is capable of travelling to 4,878 ringgit, based on the depth of the correction from the July 30 high of 4,498 ringgit.

A break below 4,407 ringgit could cause a fall into 4,239-4,321 ringgit range, which engulfs 4,317 ringgit (hourly chart).

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.

Comments

Comments are closed.