SINGAPORE: Palm oil may break a resistance at 6,602 ringgit a tonne, and rise to 6,758 ringgit.
The contract managed to stabilize around a support at 6,290 ringgit.
It climbed above a rising trendline as well.
This bullish move confirmed a false break below the trendline.
This false break indicates a steady uptrend from 5,477 ringgit, which may have resumed towards 7,239 ringgit.
Immediate support is at 6,409 ringgit, a break below which may cause a fall into 6,190-6,290 ringgit range.
On the daily chart, the fall from 7,229 ringgit seems to be mathematically related to both the preceding fall from 7,268 ringgit and the rise from 5,477 ringgit.
A retracement analysis reveals a support at 6,353 ringgit while a projection analysis marks a similar one at 6,334 ringgit.
Even though the nature of the current rise remains unclear, it may extend a bit to 6,816 ringgit.