PALM NEWS MALAYSIAN PALM OIL BOARD Friday, 29 Nov 2024

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OILS & FATS
Palm oil may retest support at 3,427 ringgit
calendar28-09-2022 | linkBusiness Recorder | Share This Post:

27/09/2022 (Business Recorder), Singapore - Palm oil may retest a support at 3,427 ringgit per tonne, as it has pierced below the Sept. 8 low of 3,481 ringgit.

 

The downtrend from 4,350 ringgit has resumed, riding on a wave 5.

 

Based on the magnitude of the wave 4, this wave 5 may travel to 3,050 ringgit.

 

Palm oil may drop toward 2,723 ringgit in Q4

 

Resistance is at 3,549 ringgit, a break above may lead to a gain into 3,608-3,666 ringgit range.

 

https://www.brecorder.com/news/40199856