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News Admin
 
Date
 27/04/2021
News Provider
 Siti Safura Masiron
News Source
 www.brecorder.com
Headline
 Palm oil may fall more to 3,859 ringgit

26.04.2021 (www.brecorder.com) –

On the daily chart, a harami cross formed between April 22 and April 23, which is a bearish reversal signal.


SINGAPORE: Palm oil may fall more to 3,859 ringgit per tonne, as it has broken a support at 3,945 ringgit.


The rise from 3,495 ringgit could be broken down into three waves. The first and the third waves are roughly equal, as revealed by a projection analysis.


This relation, along with the sudden fall from 4,084 ringgit, strongly suggests the completion of a three-wave cycle.


Either the contract would retreat towards the bottom of the wave b at 3,642 ringgit, or the downtrend from the March 15 high of 4,192 ringgit would resume.


In either case, the contract is likely to fall more.


On the daily chart, a harami cross formed between April 22 and April 23, which is a bearish reversal signal.


The contract may open high on Monday, but this move could most likely be a bull trap.


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/40087748



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