SINGAPORE: Palm oil may bounce moderately into a range of 4,227-4,275 ringgit per tonne, before resuming its fall.
A wedge has been more or less confirmed as a top pattern, suggesting a target of 3,913 ringgit.
The pullback towards this wedge seems to have extended, as the contract managed to stabilize around a support of 4,126 ringgit.
A break below this support could cause a fall into 4,010-4,070 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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