MARKET DEVELOPMENT
Palm oil may retest resistance at 4,873 ringgit
Palm oil may retest resistance at 4,873 ringgit
04.01.2022 (www.brecorder.com) - SINGAPORE: Palm oil may retest a resistance at 4,873 ringgit per tonne, a break above which could lead to a gain to 4,948 ringgit.
The contract has broken a falling trendline.
The break suggests a further reversal of the downtrend from 5,220 ringgit.
The correction triggered by the resistance is regarded as a pullback towards the trendline.
Support is at 4,812 ringgit, a break below which may cause a fall to 4,751 ringgit.
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