Palm oil may rise to 4,452 ringgit

SINGAPORE: Palm oil may rise to 4,452 ringgit, as it has more or less broken a resistance at 4,269 ringgit per tonne.

A five-wave cycle from 3,489 ringgit is unfolding within a rising channel, which suggests a target of 4,452.

The contract may either drop towards the lower channel line support around 3,857 ringgit or resume its downtrend, once it fulfils its target of 4,452 ringgit.

A break above 4,452 ringgit will not only lead to a gain to 4,680 ringgit, but also signal a reversal of the downtrend from 7,229 ringgit.

Palm rises on firmer rivals

Support is at 4,085 ringgit, a break below which may be followed by a drop towards 3,857 ringgit. On the daily chart, a projection analysis reveals a target zone of 4,331-4,543 ringgit.