SINGAPORE: Palm oil may retest a resistance at 3,666 ringgit per tonne, a break above could lead to a gain into 3,738-3,783 ringgit range.
A five-wave cycle from 4,216 ringgit completed around a support of 3,489 ringgit.
The current bounce may extend towards the peak of the wave 4 around 3,738 ringgit.
Buoyed by the overnight strong rise of CBOT grains, palm oil is expected to open around 3,666 ringgit on Monday.
However, the price jump may not guarantee an immediate break above this level.
A failure to break 3,666 ringgit may be followed by a drop towards 3,549-3,608 ringgit range.
On the daily chart, the contract is riding on a wave (5), which may end around 3,489 ringgit or travel into a much lower zone of 2,540-2,963 ringgit.
After so many days of black candles, a white candle appeared on Sept. 9, suggesting a further bounce on Monday.
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