09/03/2023 (Business Recorder), Singapore - Palm oil looks neutral in a range of 4,153-4,225 ringgit per tonne, and an escape could suggest the following direction.

It is hard to categorize the strong recovery of the price from the Wednesday low of 4,109 ringgit, which could be regarded as a pullback towards a rising trendline, or a continuation of the uptrend, driven by a wave 5.

A break below 4,153 ringgit may confirm the pullback and a target zone of 4,081-4,112 ringgit, while a break above 4,225 ringgit could confirm a wave 5 and target range of 4,269-4,305 ringgit.

Signals on the daily chart suggests an upside bias, following the formation of a long-shadowed hammer on Wednesday.

This is a typical reversal pattern, indicating a completion of the correction from the March 2 high of 4,187 ringgit.

India’s palm oil imports may jump on lower prices

A close below the Wednesday low of 4,109 ringgit on Thursday will be a very bearish signal, as the contract may fall towards the bottom of the wave 2 around 3,907 ringgit.

https://www.brecorder.com/news/40230445/palm-oil-neutral-in-4153-4225-ringgit-range