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Wednesday, November 30, 2022

Palm oil still targets 3,958-4,001 ringgit range

SINGAPORE: Palm oil still targets a range of 3,958-4,001 ringgit per tonne, as it remains below a resistance at 4,194 ringgit.

The barrier is identified as the 76.4% retracement of the downtrend from 4,495 ringgit. It is strengthened by a similar one of 4,184 ringgit.

Despite its two attempts, the contract failed to break these resistances and rise towards its ultimate target of 4,253 ringgit.

The failures suggest a reversal of the uptrend from 3,594 ringgit.

A break above 4,194 ringgit could lead to a gain into 4,253-4,322 ringgit range.

On the daily chart, the contract seems has lost its momentum after climbing above a resistance at 4,070 ringgit.

Palm oil biased to fall into 3,958-4,001 ringgit range

The temporary dissipation of bullish momentum could may be followed by a pullback towards the neckline of an inverted head-and-shoulders developing from Sept. 8.

Palm oil still targets 3,958-4,001 ringgit range

Source: Brecorder

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