The resistance is identified as the 176.4% projection level of an upward wave 3 from $4.20-1/2. This wave is expected to travel into a range of $4.45-1/2 to $4.47-3/4.
The third wave labelled c is expected to travel into a range of $5.99-1/4 to $6.02-1/4. A break above $6.11 could lead to a gain into $6.14-3/4 to $6.18 range.
Bangladesh issued a new tender to purchase 50,000 tonnes of rice closing on Dec. 28, while another tender for a similar volume is due to open on Dec. 22.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 12 ringgit higher, or 0.4pc, at 3,377 ringgit a tonne.