SINGAPORE: Palm oil may extend gains to 3,853 ringgit per tonne, to complete a bounce from 3,500 ringgit. A retracement analysis on the downtrend from 4,425 ringgit reveals a break above 3,718 ringgit.

The break opened the way towards 3,853 ringgit.

In addition to this set of retracements, the contract observes closely a set of projection levels on the downtrend from 4,247 ringgit.

Palm oil surges for fourth day on output concerns

A break below 3,736 ringgit may be followed by a drop into 3,658-3,690 ringgit range.