SINGAPORE: Palm oil may break a resistance at 3,552 ringgit per tonne, and rise to 3,631 ringgit.

The surge on Wednesday confirmed a continuation of the uptrend, which is driven by a wave 5. A projection analysis on the uptrend from 2,764 ringgit reveals a target of 3,631 ringgit.

Support is at 3,504 ringgit, a break below may cause a very shallow fall to 3,474 ringgit.

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