Markets

Palm oil to rebound to 3,316 ringgit/T

SINGAPORE : Malaysian palm oil is expected to rebound to 3,136 ringgit per tonne as a small five-wave cycle has complete

Published July 4, 2011 Updated July 4, 2011 04:42am

1 min

Comments

By Shoaib Ur Rehman

Add BRecorder as a trusted
source on Google

The completion of the cycle from the June 15 high at 3,285 ringgit has temporarily stopped a medium-term downtrend that has developed since June 3, and a bullish target at 3,316 ringgit, the presumed wave "4" peak, has been established.

The hourly RSI indicator has formed a bullish divergence, suggesting the contact is technically strongest now.

A fall below 3,030 ringgit will signal the resumption of the downtrend.

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.

Read Comments