SINGAPORE: Palm oil may break a resistance at 4,812 ringgit per tonne and rise into a range of 4,873-4,948 ringgit.
A correction from the Oct. 21 high of 5,220 ringgit has completed, as confirmed by its three-wave structure and the strong bounce triggered by the support at 4,555 ringgit.
Over the next few days, the contract may rise towards the peak of the wave b at 5,069 ringgit. A gap forming on Monday is expected to be paritially covered on Tuesday, probably at the open of the market.
A break below 4,676 ringgit may cause a fall into 4,555-4,625 ringgit range. On the daily chart, the uptrend remains steady within a rising channel. It may extend towards 5,170 ringgit.
A realistic target will be either 4,878 ringgit or 5,024 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.
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