Palm oil may fall into 4,155-4,251 ringgit range
- The rise from the Aug. 23 low of 4,160 ringgit observes closely a set of projection levels on the fall from 4,560 ringgit
SINGAPORE: Palm oil may fall into a range of 4,155-4,251 ringgit, as it failed to break a resistance at 4,405 ringgit per tonne.
The rise from the Aug. 23 low of 4,160 ringgit observes closely a set of projection levels on the fall from 4,560 ringgit.
The current correction is expected to follow various projection levels as well. Three small waves make up the rise. The wave b ended around 4,251 ringgit, which serves as a target.
A break above 4,405 ringgit could lead to a gain into 4,464-4,560 ringgit range. On the daily chart, the contract failed to break a resistance at 4,407 ringgit.
The failure casts some shadow on the extension of the uptrend above the Aug. 12 high of 4,560 ringgit, as the rise from 4,160 ringgit may turn out to be a pullback towards a rising trendline.
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