SINGAPORE: Palm oil looks neutral in a range of 4,676-4,751 ringgit per tonne, and an escape could suggest a direction.
The consolidation within the range is taking the shape of a triangle, which may become a bullish continuation pattern, as it appeared after an uptrend.
However, the triangle may prove to be a top pattern if the contract breaks 4,676 ringgit.
A break above 4,751 ringgit may trigger a gain limited to 4,812 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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