Business Recorder (22/04/2021) - SINGAPORE: Palm oil may test a support at 3,844 ringgit per tonne, a break below which could cause a fall to 3,761 ringgit.
The contract failed to break a resistance at 3,926 ringgit, which triggered a pullback towards a falling trendline. It is not very clear how far this pullback could extend. The maximum depth could be around 3,761 ringgit.
A break above 3,926 ringgit could lead to a gain to 4,028 ringgit.
On the daily chart, the uptrend looks steady. Given that palm oil started a correction after failing to break the resistance at 3,926 ringgit on April 8, it may drop again.
The following drop could be much shallower, probably limited to a range of $3,761-3,864 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.
Read more at https://www.brecorder.com/news/40086746/palm-oil-may-test-support-at-3844-ringgit