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Friday, September 30, 2022

Palm oil may seek support around 6,220 ringgit

SINGAPORE: Palm oil may seek a support around 6,220 ringgit per tonne, as suggested by a retracement analysis.

The support is identified as the 61.8% retracement analysis on the rise from 5,926 ringgit to 6,698 ringgit.

It is strengthened by a similar one of 6,233 ringgit.

The steep fall from 6,698 ringgit experienced no disruption.

The lower the contract drops, the more likely it is stopped by a bounce.

Malaysian palm oil drops on uncertainty

Most likely, this bounce would occur around 6,220 ringgit.

Resistance is at 6,423 ringgit, a break above could lead to a gain into 6,516-6,577 ringgit range.

On the daily chart, the long-shadowed black candlestick on May 27 suggests a further drop on Monday.

The lower trendline points at a target zone of 6,115 ringgit to 6,233 ringgit.

A bullish target of 7,229 ringgit has to be temporarily aborted.

It will be reconsidered only when the contract breaks 6,577 ringgit.

Palm oil may seek support around 6,220 ringgit

Source: Brecorder

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