Technicals: Palm oil may test support at 4,788 ringgit
TECHNICALS-Palm oil may test support at 4,788 ringgit SINGAPORE, Sept 14 (Reuters) - Palm oil FCPOc3 may test support at 4,788 ringgit per metric ton, driven by a wave c.
A projection analysis reveals that this wave has travelled far below its 61.8% projection level of 4,876 rniggit. It is highly likely to extend to 4,788 ringgit, the 100% level.
Immediate resistance is at 4,843 ringgit, a break above which may lead to a gain to 4,876 ringgit. On the daily chart, a channel technique indicates a target of 4,680 ringgit.
The market is likely to reach this target, as the pattern from the August 21 high of 5,031 ringgit looks like a double-top, which will be confirmed when the contract breaks support at 4,814 ringgit.
The pattern suggests a lower target of 4,597 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 Rashmi Aich)
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