Technicals: Palm oil may test support at 4,868 ringgit
TECHNICALS-Palm oil may test support at 4,868 ringgit SINGAPORE, Sept 21 (Reuters) - Palm oil FCPOc3 may test a support at 4,868 ringgit per metric ton, a break below could open the way toward the 4,811 ringgit-4,844 ringgit range.
The contract has broken a higher support at 4,902 ringgit. The next support will be at 4,868 ringgit, the 76.4% retracmeent of the rise from 4,811 ringgit to 5,050 ringgit.
A break above 4,902 ringgit, now a resistance, may lead to a gain into the 4,931 ringgit-4,959 ringgit range. On the daily chart, the market is consolidating within a range of 4,814 ringgit to 5,032 ringgit.
It is hard to tell where the contract is headed to, until it leaves the range. A break below 4,814 ringgit will confirm a triple-top top and a target of 4,638 ringgit.
Although the market seems to be falling toward 4,814 ringgit, the pattern within the range may turn out to be bullish, as a wave C from 4,462 ringgit looks incomplete.
** 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 Sherry Jacob-Phillips)
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