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Palm oil may fall to 4,261 ringgit

  • The contract failed three times to break a resistance at 4,557 ringgit, around which, a small triple-top has formed and been confirmed.
18 Aug, 2021

SINGAPORE: Palm oil may fall to 4,261 ringgit per tonne, as suggested by a triple-top.

The contract failed three times to break a resistance at 4,557 ringgit, around which, a small triple-top has formed and been confirmed.

The pattern suggests a target of 4,261 ringgit. It is not very clear if palm oil could drop to a lower level, as the rise from the Aug. 2 low of 4,093 ringgit does not fit well into the wave category of the preceding uptrend from the June 18 low of 3,251 ringgit.

Palm oil falls

Resistance is at 4,466 ringgit, a break above which could lead to a gain into a range of 4,557-4,649 ringgit. On the daily chart, the big black candlestick on Tuesday suggests a further fall on Wednesday.

A break above 4,493 ringgit could lead to a gain into 4,587-4,698 ringgit range.

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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