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Wednesday, October 4, 2023

Palm oil may test support at 5,606 ringgit

SINGAPORE: Palm oil may test a support at 5,606 ringgit per tonne, a break below which may cause a fall into 5,384-5,512 ringgit range. The nature of the current drop remains unclear.

However, it looks like a continuation of the fall from 7,268 ringgit.

The fall still observes closely a set of projection levels on a presumed wave c, the third wave of an irregular flat from the March 2 high of 7,108 ringgit.

Alternatively, the drop from 7,268 ringgit could be regarded as the first part of a bigger downtrend. Under this scenario, the contract may drop far below 5,606 ringgit.

Palm falls 3pc as India extends stock limit

Resistance is at 5,966 ringgit, a break above which could lead to a gain into 6,104-6,326 ringgit range.

On the daily chart, the contract is retesting a support at 5,757 ringgit.

Chances are high that palm oil breaks this level and falls towards 5,400 ringgit.

A brief piercing below 5,757 ringgit may turn out to be a false break.

The contract may instead rise towards 6,113 ringgit.

No information in this analysis should be considered as being business, financial or legal advice.

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 test support at 5,606 ringgit

Source: Brecorder

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