[ Back ]     [ Comments ]     [ Print ]

News Admin
 
Date
 21/01/2021
News Provider
 Siti Safura Masiron
News Source
 www.brecorder.com
Headline
 Palm oil may end drop in 3,173-3,221 ringgit range


20.01.2021 (www.brecorder.com) -




  • On the daily chart, a spinning top formed around a support at 3,274 ringgit on Monday. Even though it proved to be a failed reversal signal, it does suggest the fall is ending.



SINGAPORE: Palm oil may end its drop in a support zone of 3,173-3,221 ringgit per tonne, and start a strong bounce thereafter.



After the successive falls over the past few days, there is not much room at the downside. Wave pattern suggests the progress of a wave 5, which may end in the target zone if it is roughly equal to the wave 1.



The hourly RSI has been much over-sold and formed bullish divergence. It suggests an exhaustion of the fall. There is another support zone of 3,182-3,200 ringgit, formed by two horizontal lines. It will help stop the drop as well.



A break above 3,300 ringgit will be regarded as the very early signal that the bounce starts. Target range will be from 3,348 ringgit to 3,426 ringgit.



On the daily chart, a spinning top formed around a support at 3,274 ringgit on Monday. Even though it proved to be a failed reversal signal, it does suggest the fall is ending.



The contact is still likely to pierce below 3,274 ringgit. However, it is unlikely to fall deeply to 3,136 ringgit.



Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.



https://www.brecorder.com/news/40053768/palm-oil-may-end-drop-in-3173-3221-ringgit-range



ECONOMICS & INDUSTRY DEVELOPMENT DIVISION
Malaysian Palm Oil Board ( MPOB ) Lot 6, SS6, Jalan Perbandaran, 47301 Kelana Jaya, Selangor Darul Ehsan, MALAYSIA.
Tel : 603 - 7802 2800 || Fax : 603 - 7803 3533