SINGAPORE: Palm oil may rise more towards the peak of the wave b at 5,069 ringgit per tonne, as its uptrend from 4,032 ringgit may have resumed.
The correction from the Oct. 21 high of 5,220 ringgit has completed, as confirmed by the strong bounce triggered by the support at 4,555 ringgit and the equality of the wave a and the wave b.
The contract is rising towards the peak of the wave b at 5,069 ringgit. Support is at 4,873 ringgit, a break below which could cause a fall into 4,751-4,812 ringgit range.
On the daily chart, the uptrend could have resumed. It has so far remained steady within a rising channel, which suggests a target of 5,641 ringgit.
The peak of the wave b at 5,069 ringgit will work together with the resistance at 5,024 ringgit to temporarily stop the rise.
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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