Palm Oil Market: Internationally malaysian palm oil prices extended gains for a third session, underpinned by worries that floods in Malaysia would hurt output in the world’s second largest producer.
However, benchmark palm oil contract for April delivery on the BMD Exchange gained 70, or 1.79%, to 3,972 ringgit ($937.68) a tonne in early trade, A highest level seen since Jan. 11.
While Palm oil may bounce more to 3,980 ringgit, as it has broken a resistance at 3,888 ringgit. And the next resistance is at 3,980 ringgit that’s break above which could lead to a gain to 4,093 ringgit Per Tonne.
Also this bounce is expected to be much weaker than the 1st one from the Dec. 12, 2022 low of 3,721 ringgit Per Tonne
Meanwhile, As far as the bounce target is concerned, it has to be a step-by-step calculations in the market.
The daily chart, market analysis on palm oil that uptrend from 3,220 ringgit to 4,497 ringgit and reveals a break above 3,859 ringgit. This break opened the way towards 4,009 ringgit per Tonne
