SINGAPORE: Palm oil may rise to 5,050 ringgit per tonne, as it has broken a key resistance at 4,910 ringgit.
The contract is riding on a presumed wave (3) from 4,318 ringgit.
After travelling above 4,910 ringgit, this wave is likely to extend into 5,190-5,276 ringgit range.
Another projection analysis on a wave C from 4,032 ringgit suggests a slightly higher target of 5,341 ringgit.
A break below 4,910 ringgit, now a support, may cause a shallow fall to 4,824 ringgit.
On the daily chart, the contract has broken a resistance at 4,878 ringgit. It is expected to climb to 5,170 ringgit. A flag suggests a higher target of 5,340 ringgit.
On the weekly chart, the contract is riding on an extended wave 5 which may unfold into a range of 5,506-6,128 ringgit, as revealed by a projection analysis.
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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