SINGAPORE: Palm oil may retest a support at 3,427 ringgit per tonne, a break below which could open the way towards 3,288-3,360 ringgit range.
The consolidation triggered by the support has been shaped into a flat pattern.
Following its two failures to break above 3,608 ringgit, the contract may have completed its sideways move and is poised to fall again.
Palm oil may drop toward 2,723 ringgit in Q4
A break above 3,608 ringgit could lead to a gain to 3,666-3,738 ringgit range.
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