Palm oil may fall to 4,261 ringgit
The contract failed three times to break a resistance at 4,557 ringgit, around which, a small triple-top has formed and been confirmed.
The pattern suggests a target of 4,261 ringgit. It is not very clear if palm oil could drop to a lower level, as the rise from the Aug. 2 low of 4,093 ringgit does not fit well into the wave category of the preceding uptrend from the June 18 low of 3,251 ringgit.
Palm oil falls
Resistance is at 4466 ringgit, a break above which could lead to a gain into a range of 4557 - 4649 ringgit. On the daily chart, the big black candlestick on Tuesday suggests a further fall on Wednesday.
A break above 4,493 ringgit could lead to a gain into 4,587-4,698 ringgit range.
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Team Sis
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