SINGAPORE: Palm oil may rise to 2,316 ringgit per tonne, as it has broken a resistance at 2,285 ringgit.
The resistances is identified as the 14.6 percent retracement on the uptrend from 1,940 ringgit to 2,344 ringgit. The next resistance will be at 2,316 ringgit, a break above which could lead to a gain to 2,344 ringgit.
A fall below 2,274 ringgit could signal the break above 2,285 ringgit was false, and the target at 2,316 ringgit will be aborted.
A projection analysis on the daily chart reveals a similar target at 2,321 ringgit, the 76.4 percent level of a downward wave (C), following a failure of the contract to break the support at 2,246 ringgit.
* Charts are not available in reports received in email box through "Alert". To get charts, use the news code of TECH/C to retrieve the original reports.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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