While the SPPOMA Data From 1-20th Mar 2023 of Malaysian palm oil.Overall Summary in which palm oil yield Slumps To 23.89% and the OER Slumps To 0.06% however, the Production Slumps To 24.21%
A contract change on March 17 caused a little distortion in the chart. The market might not achieve its goal of 3,736 ringgit because of this distortion. In fact, the contract came very close to missing this goal.
A bounce as large as the previous wave b may have begun, developing toward 3,931 ringgit, as evidenced by the strong rise triggered by the support at 3,773 ringgit.
A decline into the 3,690-3,736 ringgit range may follow a break below 3,773 ringgit. The contract may move back toward the rising trendline on the daily chart, which serves as resistance at around 3,907 ringgit.