SINGAPORE: Palm oil contract has found a support at 3,659 ringgit per tonne. It may hover above this level or bounce into the range of 3,761-3,844 ringgit.

The contract is presumed to be riding on a wave c, which is capable of travelling below 3,659 ringgit. This wave may end around 3,659 ringgit, if it is very weak.

A break below 3,659 ringgit could open the way towards the range of 3,544-3,597 ringgit range. On the daily chart, a high-low bottom could still be developing above a rising trendline.As long as the trendline remains intact, the uptrend will be steady.

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