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Saturday, September 23, 2023

Palm oil may rise into 6,682-6,731 ringgit range

SINGAPORE: Palm oil may break a resistance at 6,577 ringgit per tonne, and rise into a range of 6,682-6,731 ringgit.

The contract is riding on a wave c from 6,204 ringgit.

This wave observes a set of its own projection levels and a set of retracements on the fall from 7,229 ringgit.

The wave c is expected to travel into a range of 6,682-6,977 ringgit.

Once this target of 6,682 ringgit is fulfilled, the wave c may extend a bit further to 6,731 ringgit. Support is at 6,423 ringgit, a break below which may cause a fall into 6,233-6,317 ringgit range.

Palm oil eases as Indonesia gears up to resume exports

On the daily chart, the contract is riding on an uptrend which keeps steady above a trendline.

A high-low bottom could have formed between May 20 and the May 31.

It signals a completion of the fall from 7,229 ringgit and a continuation of the uptrend.

Palm oil may rise into 6,682-6,731 ringgit range

Source: Brecorder

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