SINGAPORE: Palm oil may test a resistance zone of 5,794-5,868 ringgit per tonne, a break above which could lead to a gain to 5,986 ringgit.
The rises over the past two days confirm a continuation of the uptrend, which is developing within a rising wedge.
The upper trendline of the pattern suggests a target range of 5,794-5,868 ringgit.
Support is at 5,608 ringgit, a break below which could cause a fall into the 5,484-5,558 ringgit range.
On the daily chart, what was thought to be a round top below 5,821 ringgit seems to be developing into a flat continuation pattern.
The contract is expected to retest a resistance at 5,821 ringgit, a break above which could lead to a gain to 6,112 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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