Palm oil may hover below 4,071 ringgit
19/10/2022 (Business Recorder), Singapore - Palm oil faces a resistance at 4,071 ringgit per tonne, it may hover below this level or retrace towards a support zone of 3,924 ringgit to 3,958 ringgit.
The resistance is identified as the 100% projection level of a wave c from 3,776 ringgit.
The wave c may either end around this level or extend a lot into $4,184-4,253 ringgit range.
Even though the ending point of the wave c remains unknown, the resistance did work well.
Palm oil may retrace towards 3,707 ringgit
It may continue to remain effective over the next one or two days.
A break above 4,071 ringgit could open the way towards 4,184 ringgit.
On the daily chart, the pattern from Sept. 8 looks like an inverted head-and-shoulders, which suggests a target of 4,495 ringgit.
A projection analysis reveals a resistance at 4,070 ringgit, which is almost identical to the one at 4,071 ringgit on hourly chart.
They are likely to force palm oil to retrace towards 3,891 ringgit.