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Palm oil may test resistance zone of 4,471-4,489 ringgit

By Reuters News

SINGAPORE, Nov 12 (Reuters) - Palm oil may test a resistance zone of 4,471 to 4,489 ringgit per metric ton, a break above could lead to a gain into the 4,519-4,567 ringgit range.

A retracement analysis on the downtrend from 4,582 ringgit reveals a break above the 38.2% retracement of 4,382 ringgit. The break opened the way toward 4,471 ringgit.

A projection analysis on a wave c from 4,238 ringgit reveals a series of fine-tuned resistances and supports. This wave has travelled above its 100% projection level of 4,441 ringgit, it is likely to extend to 4,519 ringgit.

Support is at 4,413 ringgit, a break below may trigger a fall into the 4,363-4,393 ringgit range. On the daily chart, a channel technique and a projection analysis suggest a target of 4,572 ringgit.

The current bounce might be the same degree as the one from 4,491 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. ​


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