SINGAPORE: Palm oil may test a resistance at 4,260 ringgit per tonne, a break above could lead to a gain into a range of 4,352 ringgit to 4,525 ringgit.

The contract has broken a resistance at 4,105 ringgit. It is heading towards the peak of a wave B at 4,260 ringgit.

More than 61.8% of the downtrend from 4,525 ringgit has reversed.

Chances are that the high of 4,525 ringgit will be revisited.

A fall from the current level may be limited to 4,105 ringgit, now a support.

On the daily chart, the contract has broken a resistance at 4,147 ringgit.

The break opened the way towards 4,344-4,525 ringgit range.

Palm oil may test resistance at 3,931 ringgit

The rise from the June 21 low of 3,350 ringgit looks like a continuation of the uptrend from 1,939 ringgit, which was thought to be a bounce against the fall from 4,525 ringgit.

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