SINGAPORE: Palm oil may test a resistance at 3,810 ringgit per tonne, with a good chance of breaking above this level and rising into 3,887-4,011 ringgit range.

A correction from 4,192 ringgit has completed.

The correction consists of three waves.

The wave B peaked at 4,011 ringgit, which may be revisited.

The current rise is controlled by a set of projection levels on the wave C.

After climbing above 3,749 ringgit, the contract is expected to gain more into 3,810-3,887 ringgit range.

A drop below 3,725 ringgit could signal a reversal of the rise from the March 31 low of 3,495 ringgit.