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Tuesday, May 30, 2023

Palm oil may test support at 3,615 ringgit

SINGAPORE: Palm oil may test a support at 3,615 ringgit per tonne, a break below which could open the way towards 3,494-3,569 ringgit range.

The contract has fallen sharply below the Jan. 25 low of 3,721 ringgit.

A major victory to bulls. The drop greatly increased the chance of a further fall to 3,220 ringgit, the September 2022 low.

Before falling further, the contract may pull back towards 3,721 ringgit.

The pullback may end around this level.

An extended pullback into 3,736-3,773 ringgit range could signal the break below 3,721 ringgit was false. On the daily chart, the contract has broken a key support of 3,708 ringgit.

Palm slumps more than 3% to lowest closing in five months

The break simply wipes out the chance of the uptrend from 3,220 ringgit to extend. The longer the contract remains below 3,708 ringgit, the more likely it falls into 3,394-3,521 ringgit range.

A close above 3,708 ringgit on Thursday could be followed by a further rise towards 3,859 ringgit.

Palm oil may test support at 3,615 ringgit

Source: Brecorder

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