Palm oil (FCPOc3) may retrace into a range of $4,517 to $4,538 ringgit per metric ton before resuming its rise.
Rising trendline points at correction target of 4,517 ringgit.
Upward wave c from 4,483 ringgit incomplete.
Continuation of this wave would be confirmed by break above 4,600 ringgit.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are exclusively published on the Workspace platform - a London Stock Exchange product.
** No information in this analysis should be considered as being business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses.