SINGAPORE: Palm oil may test a support at 3,300 ringgit per tonne, a break below which could cause a fall to 3,221 ringgit.

The consecutive falls over the past few days show no signs of completion yet. Until a convincing signal comes out, the drop may extend further.

The drop observes a set of projection levels on the uptrend from 2,764 ringgit. The nearest support is at 3,300 ringgit, the 161.8% level.

Resistance is at 3,381 ringgit, a break above which could lead to a gain into 3,426-3,474 ringgit range. On the daily chart, the contract has broken a support at 3,411 ringgit, it is dropping towards 3,274 ringgit, the 50% projection level of an uptrend from 2,691 ringgit.

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