Business Recorder (12/08/2021) - SINGAPORE: Palm oil may test a resistance at 4,587 ringgit per tonne, a break above which could lead to a gain to 4,698 ringgit.

The uptrend from the June 18 low of 3,251 ringgit has continued. The trend observes closely a set of projection levels on the rise from 1,939 ringgit.

The contract has broken a resistance at 4,493 ringgit. It may gain more into a range of 4,587-4,698 ringgit.

Palm oil targets 4,344 ringgit

On the hourly chart, the contract could be riding on a fierce wave 3, which is expected to easily overcome the barrier at 4,557 ringgit.

Support is at 4,466 ringgit, a break below which could cause a fall into 4,352-4,409 ringgit range.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Read more at https://www.brecorder.com/news/40112941