SINGAPORE: Palm oil may break a support of 4,114 ringgit per tonne and fall into 4,001-4,071 ringgit range.
A five-wave cycle from 3,594 ringgit completed around a key resistance at 4,253 ringgit.
The authentic top of the wave 5 is the Thursday high of 4,255 ringgit.
A double-top formed around 4,253 ringgit which will be confirmed when the contract breaks 4,114 ringgit.
It will suggest a target of 3,924 ringgit.
Palm oil may retest support of 4,114 ringgit
Resistance is at 4,194 ringgit, a break above which could lead to a gain into 4,253-4,322 ringgit range.
On the daily chart, the low volatility over the past few days represents an exhaustion of the rise.
A decent correction is due, which could be classified as a pullback towards an inverted head-and-shoulders.
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