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Wednesday, March 22, 2023

Palm oil to drop more to 4,683 ringgit; falling channel intact

SINGAPORE: Palm oil may fall further to 4,683 ringgit per tonne, as the downtrend from the Oct. 21 high of 5,220 ringgit has resumed.

The resumption was confirmed by the deep fall on Tuesday. The trend has been developing within a channel.

It may extend towards 4,683 ringgit, as pointed by the channel line.

A retracement analysis on the February contract also suggests a drop, following the failure of the contract to break a resistance at 4,823 ringgit, the 50% level.

Resistance is at 4,822 ringgit, a break above which may lead to a gain into 4,866-4,909 ringgit range.

On the daily chart, the contract is poised to retest a support at 4,698 ringgit, a break below which may open the way towards 4,493-4,587 ringgit range.

A rising trendline indicates the target of 4,587 ringgit as well, around which, the drop may end.

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 to drop more to 4,683 ringgit; falling channel intact

Source: Brecorder

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