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Markets

Palm oil may revisit low of 4,706 ringgit, downside potential untapped

  • This wave may travel into a wide range of 4,555 ringgit to 4,751 ringgit
29 Nov, 2021

SINGAPORE: Palm oil may revisit its Nov. 9 low of 4,706 ringgit per tonne, driven by a wave c.

This wave may travel into a wide range of 4,555 ringgit to 4,751 ringgit.

It still has a lot downside potential. A short rising trendline has been violated. The uptrend from 4,706 ringgit could hardly extend.

A break above 4,902 ringgit may lead to a gain into 4,963-5,024 ringgit. On the daily chart, the contract fell below a neutral zone of 4,878-5,024 ringgit.

It may extend its loss to 4,698 ringgit, which is pointed by a rising channel.

The clustered black candlesticks forming from Nov. 19 would guarantee a further drop. Most likely, market could open low and close low on Monday.

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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