SINGAPORE: Palm oil may bounce more to 3,602 ringgit per tonne, as it has stabilized around a support at 3,273 ringgit.
A wave C from 4,260 ringgit may have completed around 3,273 ringgit, narrowly missing its ultimate target of 3,195 ringgit.
A retracement analysis reveals a target zone of 3,738 ringgit to 3,888 ringgit. A realistic target could be 3,602 ringgit.
Support is at 3,351 ringgit, a break below may cause a fall into a range of 3,195 ringgit to 3,273 ringgit.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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