12.08.2021 (www.brecorder.com) -

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

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.

https://www.brecorder.com/news/40112941/palm-oil-may-test-resistance-at-4587-ringgit