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Thursday, October 6, 2022

Palm oil may retest resistance at 3,782 ringgit

SINGAPORE: Palm oil may retest a resistance at 3,782 ringgit per tonne, a break above which could lead to a gain into 3,900-4,090 ringgit range.

Due to a contract switch on the continuous chart, palm oil may open high on Monday.

With the formation of a bullish divergence having on the RSI, the contract could break 3,782 ringgit and rise more, as the downtrend has become exhausted. Support is at 3,438 ringgit, a break below which may trigger a drop limited to 3,284 ringgit.

Palm posts nearly 14pc weekly drop

On the daily chart, a harami cross formed between July 14 and July 15.

This is a bullish reversal pattern.

It is expected to be followed by a decent bounce or a reversal of the downtrend.

Palm oil may retest resistance at 3,782 ringgit

Source: Brecorder

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