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Palm oil may test resistance at 4,292 ringgit

By Reuters News

SINGAPORE, Nov 11 (Reuters) - Palm oil may test a resistance at 4,292 ringgit per metric ton, a break above which could lead to a gain into the 4,368-4,424 ringgit range.

A long-shadowed hammer formed during the previous trading session, signalling a reversal of the downtrend from the October 30 high of 4,693 ringgit.

A more bullish scenario is the reversal of the whole wave c from 4,851 ringgit. Under this scenario, the following bounce could be the same degree as the one from 4,491 ringgit, to extend towards 4,505 ringgit.

On the hourly chart, the market not only stabilised around a key support of 4,117 ringgit, but also bounced strongly. Due to an extended fifth wave, the wave (5), the market may bounce toward peak of the wave iv at 4,509 ringgit, which has a lower degree.

Support is at 4,232 ringgit, a break below which may trigger a fall to 4,174 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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