SINGAPORE: Palm oil may test a support at 4,588 ringgit, as it could have completed a bounce or its first leg.
A break below 4,588 ringgit could open the way towards 4,398-4,493 ringgit range while a break above 4,896 ringgit may lead to a gain to 5,086 ringgit.
On the daily chart, the bounce seems to be driven by a wave 4, which may last one or few days, as it is supposed to roughly match the wave 2.