SINGAPORE: Palm oil may test a support at 3,857 ringgit per tonne, a break below could open the way towards 3,598-3,717 ringgit range.
The drop on Thursday confirmed both a continued downtrend from the Aug. 12 high of 4,495 ringgit and an escape from a rising channel.
A duplicated channel suggests a target of 3,489 ringgit.
A realistic target could be either 3,717 ringgit or 3,598 ringgit.
Palm oil poised to break support at 4,085 ringgit
Resistance is at 4,000 ringgit, a break above may lead to a gain to 4,085 ringgit.
On the daily chart, the downtrend from 7,229 ringgit has resumed.
It is riding on a wave (5), which is expected to travel to 3,489 ringgit.
This wave may end around 3,489 ringgit or extend a lot below this level.
Its unique characteristic allows it to travel very fast.
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