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

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.

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