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Wednesday, October 27, 2021

Palm oil may revisit Aug 12 high of 4,560 ringgit

SINGAPORE: Palm oil may revisit its Aug. 12 high of 4,560 ringgit per tonne, as it has broken a resistance at 4,435 ringgit.

This is the last barrier towards 4,560 ringgit. The break above this resistance will be regarded false, if palm oil opens sharply lower on Friday.

Support is at 4,358 ringgit, a break below could cause a fall into the range of 4,234 ringgit to 4,296 ringgit.

The strong, successive gains over the past two days are shadowing the bullish outlook in the quarterly report.

Palm oil may bounce into 4,227-4,275 ringgit range before falling

Once the contract rises above 4,560 ringgit, the continuation of the uptrend from the June low of 3,251 ringgit will be confirmed.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Palm oil may revisit Aug 12 high of 4,560 ringgit

Source: Brecorder

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