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Sunday, November 27, 2022

Palm oil may test support at 3,652 ringgit

SINGAPORE: Palm oil may test a support at 3,652 ringgit per tonne, a break below which could open the way towards 3,570 ringgit.

Following its failure to break a resistance at 3,858 ringgit, the contract remains sideways around a falling trendline.

The consolidation is regarded as a prelude to a deep drop, as a five-wave cycle from 3,220 ringgit happened to end below 3,858 ringgit.

The cycle is expected to be partially or totally reversed.

A rise above 3,783 ringgit may be limited to a resistance zone of 3,824-3,858 ringgit.

Palm oil ends higher

On the daily chart, palm oil seems to be consolidating in the range of 3,522 ringgit to 3,891 ringgit.

The consolidation may take a few days, to form a pattern roughly symmetrical to the one between Sept. 8 and Sept. 21.

Palm oil may test support at 3,652 ringgit

Source: Brecorder

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