SINGAPORE: Palm oil may edge up to 3,684 ringgit per tonne, as it has cleared a resistance at 3,584 ringgit.

The resistance is identified as the 61.8% retracement of the downtrend from 3,846 ringgit to 3,160 ringgit. The next resistance will be at 3,684 ringgit, a break above which could lead to a gain to 3,753 ringgit.

A drop towards 3,584 ringgit will be regarded as a pullback, until it extends below this level, as such an extension would signal a completion of the rise from the Feb. 3 low of 3,210 ringgit.

On the daily chart, palm oil has cleared a resistance at 3,606 ringgit, the 23.6% retracement on the uptrend from 2,691 ringgit to 3,888 ringgit. It is likely to gain more to 3,713 ringgit.

A fall below 3,606 ringgit, however, could indicate the break above this resistance was false, a bearish target of 3,431 ringgit will be established accordingly.

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