ANL 10.45 Decreased By ▼ -0.15 (-1.42%)
ASC 9.20 Decreased By ▼ -0.12 (-1.29%)
ASL 11.60 Decreased By ▼ -0.30 (-2.52%)
AVN 80.35 Decreased By ▼ -0.31 (-0.38%)
BOP 5.60 Increased By ▲ 0.05 (0.9%)
CNERGY 5.43 Decreased By ▼ -0.07 (-1.27%)
FFL 6.74 Decreased By ▼ -0.01 (-0.15%)
FNEL 5.97 Decreased By ▼ -0.08 (-1.32%)
GGGL 11.28 Decreased By ▼ -0.15 (-1.31%)
GGL 16.69 Decreased By ▼ -0.19 (-1.13%)
GTECH 8.60 Decreased By ▼ -0.21 (-2.38%)
HUMNL 7.24 Decreased By ▼ -0.03 (-0.41%)
KEL 3.12 No Change ▼ 0.00 (0%)
KOSM 3.05 Decreased By ▼ -0.10 (-3.17%)
MLCF 27.16 Increased By ▲ 0.26 (0.97%)
PACE 3.12 Increased By ▲ 0.02 (0.65%)
PIBTL 6.15 Increased By ▲ 0.05 (0.82%)
PRL 18.34 Decreased By ▼ -0.16 (-0.86%)
PTC 7.01 Decreased By ▼ -0.10 (-1.41%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 33.99 Decreased By ▼ -0.06 (-0.18%)
TELE 11.27 Decreased By ▼ -0.13 (-1.14%)
TPL 9.40 Decreased By ▼ -0.14 (-1.47%)
TPLP 20.59 Decreased By ▼ -0.12 (-0.58%)
TREET 29.94 Decreased By ▼ -0.26 (-0.86%)
TRG 78.00 Decreased By ▼ -0.30 (-0.38%)
UNITY 20.45 Decreased By ▼ -0.10 (-0.49%)
WAVES 12.74 Decreased By ▼ -0.11 (-0.86%)
WTL 1.41 Decreased By ▼ -0.04 (-2.76%)
YOUW 4.87 Decreased By ▼ -0.07 (-1.42%)
BR100 4,148 Decreased By -11.8 (-0.28%)
BR30 15,311 Decreased By -75.9 (-0.49%)
KSE100 41,863 Decreased By -15.3 (-0.04%)
KSE30 16,000 Decreased By -8.8 (-0.06%)
Markets

Palm oil may test support at 4,261 ringgit

  • Resistance is at 4,352 ringgit, a break above which could lead to a gain into 4,409-4,466 ringgit range
19 Aug, 2021

SINGAPORE: Palm oil may test a support at 4,261 ringgit per tonne, a break below which could cause a fall to 4,169 ringgit.

A small triple-top formed around 4,557 ringgit, at the end of a short uptrend from the Aug. 2 low of 4,093 ringgit. It is hard to categorize this trend, which does not look like an extension of the preceding uptrend from the June 18 low of 3,251 ringgit.

With this small issue unresolved, it remains unclear that the contract would fall below 4,093 ringgit. However, the triple-top at least suggests a reversal of the short uptrend. Three waves make up the trend. The wave b ended at 4,169 ringgit, which serves as a target.

Resistance is at 4,352 ringgit, a break above which could lead to a gain into 4,409-4,466 ringgit range.

On the daily chart, the contract broke a support at 4,321 ringgit. The break has opened the way towards a range of 4,116-4,239 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.

Comments

Comments are closed.