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Sunday, October 2, 2022

Palm oil may test support at 4,588 ringgit

SINGAPORE: Palm oil may test a support at 4,588 ringgit, as it could have completed a bounce or its first leg.

A break below 4,588 ringgit could open the way towards 4,398-4,493 ringgit range while a break above 4,896 ringgit may lead to a gain to 5,086 ringgit.

Palm oil respite

On the daily chart, the bounce seems to be driven by a wave 4, which may last one or few days, as it is supposed to roughly match the wave 2.

Palm oil may test support at 4,588 ringgit

Source: Brecorder

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