Palm oil may rise to 2,510 ringgit


(May 18): Palm oil may break a resistance at 2,459 ringgit per tonne and rise to the April 6 high of 2,510 ringgit, as suggested by a retracement analysis.

The current bounce seems to be against a downtrend from the Sept. 14, 2017 high 2,896 ringgit. A retracement analysis on the trend reveals the resistance at 2,459 ringgit, which triggered a correction on May 14.

Palm oil has broken a falling trendline and is testing this resistance again. It is likely to break above this level and rising more towards 2,510 ringgit.

A drop will be regarded as a pullback towards the trendline. The pullback may end around 2,430 ringgit. – Reuters

Source: The Edge

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