SINGAPORE (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