SINGAPORE: Palm oil may rise towards 5,187 ringgit, as it has broken a key resistance at 5,048 ringgit per tonne.
The break looks convincing, as it followed two failed attempts.
It confirmed a triple-bottom and a target of 5,187 ringgit.
The contract is riding on a wave (5), which may travel above the peak of the wave (3) at 5,220 ringgit, a high touched on Oct. 21.
Market may open low on Friday, due to the overnight falls of the US grains. A small gap may form on the hourly chart, which is expected to be covered quickly.
A break below 4,998 ringgit may cause a fall into the range of 4,909 ringgit to 4,962 ringgit.
On the daily chart, the big white candlestick on Thursday confirmed a break above a resistance 5,024 ringgit. The contract is poised to retest the next resistance at 5,170 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.