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SINGAPORE: Palm oil may revisit its Tuesday low of 3,865 ringgit a tonne, driven by a wave C. This wave looks incomplete, as it is capable of travelling to 3,590 ringgit, its 100% projection level.

It consists of three smaller waves.

The support at 3,861 ringgit triggered a strong bounce, which was driven by the small wave b.

The downward small wave c may have just started, unfolding towards 3,865 ringgit.

A break above 4,132 ringgit could lead to a gain into 4,196-4,300 ringgit range.

On the daily chart, the strong rise on Tuesday was regarded as a part of the consolidation within a narrow range of 3,891-4,070 ringgit.

Only when palm oil stands firm above 4,070 ringgit, could this interpretation be revised.

Palm oil rebounds on India imports, Indonesia biodiesel plan

The right shoulder of an inverted head-and-shoulders is extending towards a range of 3,522-3,647 ringgit, assuming that these shoulders are roughly symmetrical.

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