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SINGAPORE: Palm oil may drop to 4,865 ringgit per tonne, due to the completion of a five-wave cycle from 4,291 ringgit.

The completion was confirmed by the deep fall on Monday, even though this fall was due to a contract switch on the third month continuous chart.

The drop has caused an irrevocable damage to the uptrend. On the most active April contract chart, palm oil faces a strong resistance at 4,965 ringgit, which has triggered correction towards 4,851 ringgit, slightly lower than 4,865 ringgit.

Palm slips on profit-taking, but gains for fourth straight week

The bearish divergence suggests a slim chance of the contract to break 4,965 ringgit.

On the daily chart, the contract has pierced below a support at 4,933 ringgit, which looks unable to hold, as a big gap formed on Monday.

The gap signals a drastic swing of the market sentiment. Most likely, the contract would fall to 4,755 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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