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Friday, September 30, 2022

Palm oil targets 3,857 ringgit

SINGAPORE: Palm oil may break a support at 4,085 ringgit and fall towards the next support at 3,857 ringgit per tonne.

Following its failure to rise above a channel, the contract is expected to fall towards the lower channel line support around 3,857 ringgit.

The bounce triggered by the support at 4,085 ringgit proved weak and has been almost reversed.

The reversal signals a continuation of the fall towards 3,857 ringgit. A break above 4,269 ringgit may lead to a gain to 4,452 ringgit.

Malaysian palm oil gains

On the daily chart, the wave pattern indicates the progress of a wave (5), which is expected to travel below the July 14 low of 3,489 ringgit. Strategically, the target of 3,489 ringgit will be confirmed when the contract breaks 4,070 ringgit.

A break above 4,331 ringgit could signal the continuation of the uptrend towards 4,543 ringgit.

Palm oil targets 3,857 ringgit

Source: Brecorder

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