Palm oil may bounce more to 3,602 ringgit

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.

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