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.
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