SINGAPORE: Palm oil still targets a range of 3,824-3,919 ringgit per tonne, as the uptrend from 3,220 ringgit consists of five waves.

The wave e is unfolding towards the target range. Based on the depth of the wave d, the wave e may extend a bit to 4,008 ringgit.

The rise is expected to stop in the range of 3,919-4,008 ringgit, followed by a deep correction. Support is at 3,707 ringgit, a break below which may open the way towards 3,570-3,652 ringgit range.

On the daily chart, the contract has broken a resistance at 3,647 ringgit.

The break opened the way towards 3,891-4,070 ringgit range.

Palm oil may extend gains into 3,824-3,919 ringgit range

A five-wave cycle from 7,229 ringgit may have completed.

The wave (4) ended at 4,495 ringgit which will become a target once the contract breaks 3,891 ringgit.