SINGAPORE: Palm oil may test a support at 2,440 ringgit per tonne, a break below which could cause a further loss to the next support at 2,424 ringgit.
These supports are identified respectively as the 38.2 percent and the 23.6 percent projection levels of an upward wave C from 2,399 ringgit.
This wave was disrupted by a resistance at 2,466 ringgit, Strengthening this barrier is the resistance at 2,458 ringgit, the March 22 high, and the resistance at 2,461 ringgit, the 38.2 percent retracement of the downtrend from 2,641 ringgit to 2,350 ringgit.
Only a break above 2,466 ringgit could confirm the extension of the wave C towards 2,507 ringgit.
No information in this analysis should be considered as being business, financial or legal advice.
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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