SINGAPORE: Palm oil may fall to 3,798 ringgit per tonne, as suggested by its wave pattern and a retracement analysis.

The fall from 4,192 ringgit consists of three waves. So far, only two have completed. The current wave C is expected to travel below 3,667 ringgit, the bottom of the wave A.

A break below 3,798 ringgit could cause a fall into 3,676-3,744 ringgit, while a break above 3,930 ringgit may lead to a gain to 3,991 ringgit.

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