Technicals: Palm oil may bounce into 4,964-4,985 ringgit range
TECHNICALS-Palm oil may bounce into 4,964-4,985 ringgit range SINGAPORE, Sept 11 (Reuters) - Palm oil FCPOc3 may bounce into a range of 4,964-4,985 ringgit per metric ton, following its stabilization around a support at 4,876 ringgit.
The stabilization indicates the formation of a bullish wedge, the upper trendline of which points at a target of 5,018 ringgit.
Increasing the likelihood of a bounce is the possible completion of a wave c from 5,018 ringgit. Considering that the market has climbed above resistance at 4,930 ringgit, it may test the next one at 4,964 ringgit.
Immediate support is at 4,903 ringgit, a break below which may trigger a fall into the 4,843-4,876 ringgit range. On the daily chart, the uptrend is considered steady within a rising channel.
A break below support at 4,897 ringgit would trigger a drop toward 4,814 ringgit. Such a drop would be deep enough to signal a reversal of the uptrend from 4,462 ringgit.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on the Workspace platform, a London Stock Exchange product.
** No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.
(Reporting by Wang Tao; Editing by Priyanka G)
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