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Monday, October 2, 2023

Palm oil remains neutral in 5,524-5,608 ringgit range

SINGAPORE: Palm oil remains neutral in a range of 5,524-5,608 ringgit per tonne, and an escape could suggest a direction.

A break above 5,608 ringgit could lead to a gain into 5,676-5,749 ringgit range, while a break below 5,524 ringgit could open the way toward a zone of 5,366-5,425 ringgit.

The bias seems to be towards the downside, as the drop from the Feb. 7 high of 5,749 ringgit followed the completion of a five-wave cycle from 4,294 ringgit.

The drop may extend towards the bottom of the wave 4 at 4,912 ringgit. On the daily chart, the contract looks sideways in a narrow range of 5,529-5,644 ringgit.

Palm extends fall on rival oil weakness, traders await output data

A rising trendline and a bullish engulfing pattern provide conflicting signals.

An escape from the range could offer clear indication of the following direction.

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 remains neutral in 5,524-5,608 ringgit range

Source: Brecorder

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