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SINGAPORE: Palm oil may test a support at 5,086 ringgit per tonne, a break below which could open the way towards 4,896 ringgit.
The contract is riding on a wave C from 6,698 ringgit.
This wave has travelled far below its 100% projection level of 5,394 ringgit.
It is expected to extend into a range of 4,588-4,896 ringgit.
Resistance is at 5,204 ringgit, a break above which may lead to a gain into a narrow resistance zone of 5,303-5,394 ringgit range.
Palm oil posts weekly decline of nearly 8pc
On the daily chart, a wave (c) from 7,229 ringgit is unfolding, which is travelling towards a range of 4,331-4,754 ringgit range.
A decent bounce may not occur until the contract drops to 4,754 ringgit.
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