Palm oil edges up in line with Dalian strength, still set for monthly drop
Malaysian palm oil futures for December rose 5 ringgit (0.11%) to 4,629 ringgit/ton by 0236 GMT, with the contract down 5.4% so far this month after a three-session slide.
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Palm oil may test resistance at 4,677 ringgit per tonne after stabilising at 4,622
Reuters technicals by Wang Tao for September 30 say palm oil could move toward 4,711-4,732 ringgit if above 4,677, or toward 4,588 if below 4,622.
Palm oil may test resistance 4,677 ringgit
Palm oil (FCPOc3) may test resistance at 4,677 ringgit per metric ton, after stabilizing around support at 4,622 ringgit.A projection analysis on wave (3) from 4,964 ringgit reveals this 238.2% level, which serves as one of the wave's endpoints.A break above 4,677 ringgit may lead to a gain into th…