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.
Comments
Comments are closed.