SINGAPORE: Palm oil may test a support at 3,717 ringgit per tonne, a break below could open the way towards 3,489-3,598 ringgit range.
The contract has broken a support at 3,857 ringgit.
The break opened the way towards the zone of 3,598 ringgit to 3,717 ringgit.
A rising trendline establishes a support around 3,717 as well.
Chances are the fall may pause around 3,717 ringgit, to be followed by a moderate bounce.
A break above 3,857 ringgit may lead to a gain to 4,085 ringgit.
On the daily chart, the whole downtrend from 7,229 ringgit consists of five waves.
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The final wave, the wave (5), could be unfolding towards 3,522 ringgit.
Based on the height of the wave (4), the wave (5) may extend to 2,800 ringgit.
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