SINGAPORE: Palm oil may rise into a range of 3,773 ringgit to 3,810 ringgit per tonne to cover a gap forming on March 22. The rise still closely observes a set of projection levels on the downtrend from 4,247 ringgit.
After breaking the resistance at 3,690 ringgit, the contract is expected to test the next resistance at 3,736 ringgit.
Palm oil gains 3pc, hits one-week closing high
A break below 3,658 ringgit may be followed by a drop into the 3,569-3,615 ringgit range.