Palm oil may retest support at 4,736 ringgit

By Reuters News

SINGAPORE, Oct 22 (Reuters) - Palm oil may retest a support at 4,736 ringgit per metric ton, as a correction from 4,852 ringgit looks incomplete.

The correction is expected to extend to 4,706 ringgit, the 50% projection level of an uptrend from 4,578 ringgit. This rising trendline points to this target.

Resistance is at 4,799 ringgit, a break above which could lead to a gain into the 4,834 to 4,871 ringgit range. On the daily chart, the market faces a key resistance at 4,836 ringgit, the 61.8% retracement on the downtrend from 5,050 ringgit.

A dark cloud cover formed between Tuesday and Wednesday, signalling a reversal of the uptrend from 4,491 ringgit. Given that the market has pierced below the support at 4,771 ringgit, it is likely to extend its losses to the next support at 4,705 ringgit.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on Workspace - a platform provided by the London Stock Exchange.

** No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.


cpo https://tmsnrt.rs/4883Rn1

tech https://tmsnrt.rs/4i2P7KI

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.