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SINGAPORE: Palm oil looks neutral in a range of 3,659-3,761 ringgit per tonne, and an escape could suggest a direction.

The bounce triggered by the support at 3,659 ringgit could be classified as a pullback towards the neckline of a head-and-shoulders.

Based on this assumption, the contract may retest a support at 3,659 ringgit and fall to 3,597 ringgit. A break above 3,761 ringgit could lead to a gain into a zone of 3,844-3,926 ringgit.

On the daily chart, a high-low bottom is developing.

A rising trendline suggests a further slide towards the narrow zone of 3,544-3,597 ringgit.

The uptrend so far remains intact and may resume once the current fall ends around 3,597 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.