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Sunday, August 14, 2022

Palm oil may fall to 4,588 ringgit

SINGAPORE: Palm oil may break a support at 4,742 ringgit per tonne, and fall to 4,588 ringgit.

The contract could have completed a bounce from the recent low of 4,493 ringgit.

The bounce was driven by a wave 4, which will be reversed by the current wave 5.

Palm clocks 22% monthly plunge, worst in nearly 14 years

A rise above 4,896 ringgit could be extended to 5,086 ringgit.

Palm oil may fall to 4,588 ringgit

Source: Brecorder

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