MARKET DEVELOPMENT
Palm oil biased to edge up to 6,104 ringgit
Palm oil biased to edge up to 6,104 ringgit
11.04.2022 (www.brecorder.com) - SINGAPORE: Palm oil is biased to break a resistance at 5,966 ringgit tonne and edge up to the next resistance at 6,104 ringgit.
The weak bounce on April 8 seems to suggest a continuation of the uptrend from the April 1 low of 5,477 ringgit.
However, it could turn out to be a part of a top formation as well.
As a result, it is strategically safer to target 6,104-6,326 ringgit range when the contract breaks 5,966 ringgit.
This target range is unlikely to be fulfilled if palm oil opens below 5,855 ringgit.
On the daily chart, the contract may climb towards 6,133 ringgit, as it seems to have stabilized around a support at 5,757 ringgit.
A break below 5,757 ringgit could open the way towards 5,400 ringgit.