Palm oil may bounce more to RM2,503

March 7, 2018 | By | Reply More

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The contract found a support at RM2,448, the 86.4% retracement on the uptrend from the RM2,418 to RM2,641. (File pic)

SINGAPORE: Palm oil may bounce more to RM2,503 per tonne, as suggested by a retracement analysis.

The contract found a support at RM2,448, the 86.4% retracement on the uptrend from the RM2,418 to RM2,641. The bounce triggered by the support signals that the break below a rising trendline was false.

Palm oil has broken a resistance at RM2,471. The next resistance will be at RM2,503, a break above which could lead to a gain to RM2,530.

It seems that the contract went back into a wedge. However, it is too early to target RM2,556 which is around the upper trendline of the pattern.

A break below RM2,471 could cause a loss into RM2,418-2,448.

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