SINGAPORE (April 25): Palm oil remains neutral in a range of RM2,140-2,191 per tonne, and an escape could suggest a direction. The range is formed by the April 15 low and the 50% retracements on the downtrend from RM2,344 to RM2,038. The pattern from the April 5 high of RM2,235 looks like a bullish wedge, which will be confirmed when palm oil breaks above RM2,227. On the daily chart, palm oil looks neutral in a bigger range of RM2,144-2,246, formed by the 100% and the 86.4% projection levels of a downtrend from RM2,896. No information in this analysis should be considered as being business, financial or legal advice.

Source: The Edge Markets April 25, 2019 03:22 UTC