[ Back ]     [ Comments ]     [ Print ]

News Admin
 
Date
 20/05/2022
News Source
 Business Recorder
Headline
 Palm oil may test support at 5,984 ringgit

19/05/2022 (Business Recorder), Singapore - Palm oil may test a support at 5,984 ringgit per tonne, a break below which could open the way towards 5,843 ringgit.


The contract is riding on a wave c, which looks unlikely to end around 5,984 ringgit, as it approached this level again after a weak bounce.


Instead, this wave may extend to 5,615 ringgit, its 100% projection level.


It may consist of five smaller waves. So far, only four waves have unfolded.


The wave 5 is travelling towards 5,615 ringgit.


Palm oil firms as Indonesian export ban remains in place


A break above 6,099 ringgit may lead to a gain to 6,213 ringgit.


On the daily chart, the gap forming between May 13 and May 17 represents an acceleration of the drop. It is classified as a runaway gap.


The wave (c) from 7,229 ringgit has little chance of completing around its 61.8% projection level of 6,122 ringgit, as palm oil closed far below this support on Wednesday.


More likely, this wave could travel to 5,438 ringgit.


https://www.brecorder.com/news/40174228/palm-oil-may-test-support-at-5984-ringgit


 



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