PALMOILMAGAZINE, SINGAPORE – On Wednesday (23/01), Palm oil (FCPOc3) is poised to challenge the resistance level at 3,953 ringgit per metric ton, and a successful breach of this level may pave the way for further advances into the 3,976-3,999 ringgit range.
An analysis of the retracement within the downtrend, starting from 4,029 ringgit, indicates a breakthrough above the 76.4% level, situated at 3,929 ringgit. This breakthrough not only confirms an extension of the upward trend towards the 3,972-3,999 ringgit range but also significantly heightens the likelihood of the contract revisiting the previous high of 4,029 ringgit.
A projection analysis on the uptrend from 3,632 ringgit uncovers a support of 3,917 ringgit, a break below which could be followed by a drop into 3,881-3,904 ringgit range.
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On the daily chart, the contract seems to be persistent in testing the resistance at 3,940 ringgit, which is strengthened by a similar one established by a falling trendline.
A break above it could open the way towards 4,043 ringgit, while a failure will be confirmed when the contract breaks 3,876 ringgit. Source: Reuters
