18/08/2025
TECHNICALS-Palm oil may test resistance at 4,509 ringgit
SINGAPORE, Aug 18 (Reuters) - Palm oil FCPOc3 may test resistance at 4,509 ringgit per metric ton, a break above which could lead to a gain to into 4,563 ringgit to 4,596 ringgit range.
The rise from the August 4 low of 4,159 ringgit consists of five waves. The current wave (5) is unfolding toward 4,596 ringgit, the 261.8% projection level of the uptrend from 4,225 ringgit.
A rising trendline points at the same target. Immediate support is at 4,455 ringgit, a break below which could open the way toward 4,400 ringgit to 4,421 ringgit range.
On the daily chart, the contract has broken resistance at 4,481 ringgit. The break opened the way toward 4,723 ringgit. A projection analysis on the uptrend from 3,942 ringgit reveals a slightly lower target of 4,677 ringgit.
A close of the market below 4,481 ringgit on August 18 would suggest that the early break above this level was invalid.