SINGAPORE: Palm oil faces a resistance at 4,071 ringgit per tonne, it may hover below this level or retrace towards a support zone of 3,924 ringgit to 3,958 ringgit.
The resistance is identified as the 100% projection level of a wave c from 3,776 ringgit.
The wave c may either end around this level or extend a lot into $4,184-4,253 ringgit range.
Even though the ending point of the wave c remains unknown, the resistance did work well.
Palm oil hover may retrace towards 3,707 ringgit
It may continue to remain effective over the next one or two days.
A break above 4,071 ringgit could open the way towards 4,184 ringgit.
On the daily chart, the pattern from Sept. 8 looks like an inverted head-and-shoulders, which suggests a target of 4,495 ringgit.
A projection analysis reveals a resistance at 4,070 ringgit, which is almost identical to the one at 4,071 ringgit on hourly chart.
They are likely to force palm oil to retrace towards 3,891 ringgit.
While crude oil edged above $84 per barrel on Wednesday, rebounding from two-week lows.
As the European Union’s latest sanctions on Russian crude threatened to undermine a planned release of emergency oil reserves by the US.
The EU would impose shipping restrictions on tankers transporting Russian crude above an agreed price threshold, forcing shipowners to adhere to the Group of Seven agreement to cap the price of Russian oil.
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