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Sunday, September 24, 2023

Palm oil may rise into 5,187-5,274 ringgit range

SINGAPORE: Palm oil may break a resistance at 5,048 ringgit per tonne and rise into a range of 5,187-5,274 ringgit.

The strong rise on Wednesday confirms the continuation of the wave 3 towards the target zone. A projection analysis on an upward wave C from 4,032 ringgit suggests a higher target of 5,341 ringgit.

Most likely, the contract could open above 5,048 ringgit on Thursday. An open below this level may be followed by a shallow correction towards the support zone of 4,909-4,962 ringgit.

Palm rebounds on stronger US soyoil, tight supply view

On the daily chart, the uptrend has resumed towards 5,170 ringgit, a target suggested by a flag and a rising trendline.

The big white candlestick on Wednesday represents a strong bullish momentum, which could easily push the price above the immediate resistance at 5,024 ringgit.

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 rise into 5,187-5,274 ringgit range

Source: Brecorder

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