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Palm oil may test resistance at 6,423 ringgit

Palm oil may test a resistance at 6,423 ringgit per tonne, as it has stabilized around a support at 6,220 ringgit.

The support is identified as the 61.8% retracement analysis on the rise from 5,926 ringgit to 6,698 ringgit. It is strengthened by a similar one of 6,233 ringgit.

A break above 6,423 ringgit could lead to a gain into 6,516-6,577 ringgit range.

Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.

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