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Thursday, September 29, 2022

Palm oil may test resistance at 4,398 ringgit

SINGAPORE: Palm oil may test a resistance at 4,398 ringgit per tonne, a break could open the way towards a zone of 4,588-4,742 ringgit.

The bounce from the July 6 low of 3,735 ringgit looks strong enough to confirm a completion of the five-wave cycle from 6,698 ringgit.

The contract could be bouncing towards the peak of the wave 4 around 5,086 ringgit.

Support is at 4,090 ringgit, a break below which trigger a drop to 3,900 ringgit.

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On the daily chart, the long-shadowed hammers on Wednesday and Thursday worked together to form a strong reversal pattern, further confirming the completion of a five-wave cycle.

Over the next one or two weeks, the main theme could be a gradual reversal of the drop from the June 28 high of 5,048 ringgit.

Palm oil may test resistance at 4,398 ringgit

Source: Brecorder

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