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Wednesday, October 5, 2022

Palm oil may test support at 3,717 ringgit

SINGAPORE: Palm oil may test a support at 3,717 ringgit per tonne, a break below could open the way towards 3,489-3,598 ringgit range.

The contract has broken a support at 3,857 ringgit.

The break opened the way towards the zone of 3,598 ringgit to 3,717 ringgit.

A rising trendline establishes a support around 3,717 as well.

Chances are the fall may pause around 3,717 ringgit, to be followed by a moderate bounce.

A break above 3,857 ringgit may lead to a gain to 4,085 ringgit.

On the daily chart, the whole downtrend from 7,229 ringgit consists of five waves.

Palm oil ends 5% lower as Indonesia ease domestic sales rule

The final wave, the wave (5), could be unfolding towards 3,522 ringgit.

Based on the height of the wave (4), the wave (5) may extend to 2,800 ringgit.

Palm oil may test support at 3,717 ringgit

Source: Brecorder

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