SINGAPORE: Palm oil may retest a support at 5,606 ringgit per tonne, a break below which could cause a fall into 5,384-5,512 ringgit range.
The drop from the March 9 high of 7,268 ringgit to the March 17 low of 5,658 ringgit could be broken down into five waves.
When a lower low of 5,629 ringgit was touched on March 18, this cycle was believed to have extended.
The bounce from 5,629 ringgit could be a part of a bigger wave (3) which may travel far below 5,606 ringgit.
Palm rises after worst week since 1986
A break above 5,966 ringgit could lead to a gain into 6,104-6326 ringgit range.
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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