MARKET DEVELOPMENT
Palm oil targets 4,896 ringgit
Palm oil targets 4,896 ringgit
20.06.2022 (www.brecorder.com) - SINGAPORE: Palm oil may test a support at 5,086 ringgit per tonne, a break below which could open the way towards 4,896 ringgit.
The contract is riding on a wave C from 6,698 ringgit.
This wave has travelled far below its 100% projection level of 5,394 ringgit.
It is expected to extend into a range of 4,588-4,896 ringgit.
Resistance is at 5,204 ringgit, a break above which may lead to a gain into a narrow resistance zone of 5,303-5,394 ringgit range
On the daily chart, a wave (c) from 7,229 ringgit is unfolding, which is travelling towards a range of 4,331-4,754 ringgit range.
A decent bounce may not occur until the contract drops to 4,754 ringgit.
https://www.brecorder.com/news/40181206/palm-oil-targets-4896-ringgit