SINGAPORE: Palm oil may break a support of 3,494 ringgit and fall to 3,420 ringgit per tonne, to complete a wave c. A Fibonacci projection analysis suggests an ultimate target of this wave c at 3,420 ringgit.

The bounce triggered by the support at 3,494 ringgit has been totally reversed.

The reversal indicates a small chance of the wave c to end around this level.

Palm oil extends losses to clock biggest weekly drop in four months

Resistance is at 3,615 ringgit, a break above which could lead to a gain into 3,690-3,773 ringgit range.