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Monday, October 2, 2023

Palm oil may revisit Oct 25 high of 4,263 ringgit

SINGAPORE: Palm oil may revisit its Oct. 25 high of 4,263 ringgit per tonne, as it may have resumed its uptrend from the Sept. 28 low of 3,220 ringgit.

A rising trendline remains intact, suggesting a steady uptrend which is riding on a wave E that could travel far above 4,263 ringgit.

Based on the depth of the fall from 4,263 ringgit, the wave E could extend to 4,600 ringgit.

Support is at 4,105 ringgit, a break below which may be followed by a drop into 3,929-4,007 ringgit range.

On the daily chart, the contract jumped above 4,070 ringgit after briefly piercing below this support on Oct. 28.

It may have completed a pullback towards an inverted head-and-shoulders.

The pattern indicates a target of 4,495 ringgit.

Palm oil surge 4% as Russia withdraws from Black Sea export deal

A close of the price below 4,070 ringgit on Monday would suggest the extension of the pullback towards 3,891 ringgit.

Also read

Palm oil may revisit Oct 25 high of 4,263 ringgit

Source: Brecorder

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