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
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.
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