SINGAPORE: Palm oil may rise into a range of 5,048-5,101 ringgit per tonne, driven by a wave c.
This wave is expected to travel to 5,071 ringgit, its 100% projection level, which falls within the target zone.
The contract has been observing closely a set of projection levels on the uptrend from 4,318 ringgit.
The resistance at 4,998 ringgit, the 186.4% level, looks vulnerable under repeated attacks by bulls, which have successfully pushed the price above a falling channel.
A duplicated channel suggests an aggressive target of 5,251 ringgit. It is critical that the contract stays above 4,962 ringgit, a break below which will not only trigger a fall towards 4,866-4,909 ringgit range, but also signals a false break above the lower channel on Thursday.
On the daily chart, the contract is poised to break a resistance at 5,024 ringgit after many failures.
A break could lead to a gain into 5,170-5,350 ringgit range.
A bullish flag suggests the target at 5,350 ringgit as well.
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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