SINGAPORE: Malaysian palm oil is expected to either hover below 3,590 ringgit per tonne or retrace to 3,530 ringgit as a small double-top has formed around 3,626 ringgit.
The contract has pierced above resistance at 3,590 ringgit, the 100 percent projection level of a wave 3 target, but failed to climb further, ending with the formation of two tops.
A bearish divergence has appeared on the hourly RSI indicator, strongly suggesting palm oil has become technically very weak and is due for a correction.
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.
Comments
Comments are closed for this article.