SINGAPORE: Palm oil may retest a support zone of 3,344-3,363 ringgit per tonne, a break below which could open the way towards 3,288 ringgit. The uptrend from 3,288 ringgit has been so deeply reversed that it is unlikely to extend.
Over the next few days, the low of 3,288 ringgit could be revisited.
Resistance is at 3,451 ringgit, a break above which could lead to a gain to 3,498 ringgit.
On the daily chart, the drop from the May 9 high of 3,837 ringgit is classified as a part of the downtrend from 4,425 ringgit.
Palm oil slides to two-week low
The trend observes a set of projection levels on the fall from 3,980 ringgit.
This projection analysis indicates a target of 3,055 ringgit. Strategically, the target will only be available when the contract breaks 3,273 ringgit.
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