SINGAPORE: Palm oil may seek a support at 4,195 ringgit per tonne and start a bounce thereafter.

The contract may slide a bit more after the deep drop on Wednesday. The fall of overnight US grains may have a bearish impact on palm oil price as well.

Given that the support at 4,195 ringgit triggered a decent bounce on May 18. It may hold again to cause a weaker bounce.

A break below this level may open the way towards the range of 4,021 ringgit to 4,117 ringgit.

On the daily chart, the contract may consolidate in a zone of 4,192 ringgit to 4,576 ringgit for some days. Until now, there has not been any trend reversal signal.

The uptrend may resume upon the completion of the consolidation.

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