SINGAPORE: Palm oil may drop to 3,798 ringgit per tonne, as it may have completed a bounce from 3,667 ringgit.
The bounce ended around a resistance at 3,991 ringgit, after the formation of an exhaustion gap forming on Tuesday. This gap will be filled.
The downtrend from 4,192 ringgit has resumed, driven by a wave C, which is capable of travelling into 3,554-3,676 ringgit range.
A break above 3,991 ringgit could lead to a gain at 4,068 ringgit.
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