AGL 5.77 Decreased By ▼ -0.06 (-1.03%)
ANL 9.08 Increased By ▲ 0.05 (0.55%)
AVN 79.40 Increased By ▲ 0.60 (0.76%)
BOP 5.17 Increased By ▲ 0.01 (0.19%)
CNERGY 4.71 Increased By ▲ 0.03 (0.64%)
EFERT 81.00 Increased By ▲ 0.45 (0.56%)
EPCL 50.72 Decreased By ▼ -0.99 (-1.91%)
FCCL 13.50 Decreased By ▼ -0.11 (-0.81%)
FFL 5.80 Decreased By ▼ -0.05 (-0.85%)
FLYNG 7.17 Increased By ▲ 0.05 (0.7%)
FNEL 4.91 Increased By ▲ 0.06 (1.24%)
GGGL 8.90 No Change ▼ 0.00 (0%)
GGL 15.85 Decreased By ▼ -0.20 (-1.25%)
HUMNL 5.96 Increased By ▲ 0.16 (2.76%)
KEL 2.64 Increased By ▲ 0.04 (1.54%)
LOTCHEM 29.85 Decreased By ▼ -0.16 (-0.53%)
MLCF 24.85 Decreased By ▼ -0.55 (-2.17%)
OGDC 72.40 Increased By ▲ 0.25 (0.35%)
PAEL 15.50 Increased By ▲ 0.01 (0.06%)
PIBTL 5.10 Increased By ▲ 0.09 (1.8%)
PRL 16.55 Increased By ▲ 0.15 (0.91%)
SILK 1.11 Increased By ▲ 0.01 (0.91%)
TELE 9.68 Increased By ▲ 0.03 (0.31%)
TPL 7.35 Increased By ▲ 0.05 (0.68%)
TPLP 19.30 Increased By ▲ 0.07 (0.36%)
TREET 21.88 Decreased By ▼ -0.07 (-0.32%)
TRG 145.35 Increased By ▲ 0.38 (0.26%)
UNITY 16.65 Increased By ▲ 0.03 (0.18%)
WAVES 9.95 Decreased By ▼ -0.05 (-0.5%)
WTL 1.39 Increased By ▲ 0.02 (1.46%)
BR100 4,255 Increased By 25.1 (0.59%)
BR30 15,847 Increased By 25.1 (0.16%)
KSE100 42,312 Increased By 240.9 (0.57%)
KSE30 15,631 Increased By 126.5 (0.82%)
Follow us

SINGAPORE: Palm oil may seek a support around 6,220 ringgit per tonne, as suggested by a retracement analysis.

The support is identified as the 61.8% retracement analysis on the rise from 5,926 ringgit to 6,698 ringgit.

It is strengthened by a similar one of 6,233 ringgit.

The steep fall from 6,698 ringgit experienced no disruption.

The lower the contract drops, the more likely it is stopped by a bounce.

Malaysian palm oil drops on uncertainty

Most likely, this bounce would occur around 6,220 ringgit.

Resistance is at 6,423 ringgit, a break above could lead to a gain into 6,516-6,577 ringgit range.

On the daily chart, the long-shadowed black candlestick on May 27 suggests a further drop on Monday.

The lower trendline points at a target zone of 6,115 ringgit to 6,233 ringgit.

A bullish target of 7,229 ringgit has to be temporarily aborted.

It will be reconsidered only when the contract breaks 6,577 ringgit.

Comments

Comments are closed.

Palm oil may seek support around 6,220 ringgit

PD prepares $496m gas pipeline augmentation plan

Intra-day update: rupee registers marginal losses against US dollar

Oil rises as market weighs OPEC+ supply rebalance

IMF, govt begin virtual engagement

Dar willing to allow sugar export?

Presidential Reference on Reko Diq project: SC to announce short order next week

Tax-exempted areas: FBR sets up checkposts to monitor supplies

TTP ends ceasefire, orders nationwide attacks

Saudi unveils plan for massive new airport in capital

Two Palestinians killed by Israeli forces, Palestinians say