SINGAPORE: Palm oil may extend gains into a range of 3,864-3,934 ringgit per tonne, driven by a wave C. The strong rise on Tuesday confirmed this wave, which is capable of travelling into a wide range of 3,864-4,007 ringgit.

The contract may fail to break 3,864 ringgit in its first attempt, which would be a strong resistance, working together with a similar one established by a short trendline.

Support is at 3,750 ringgit, a break below which could open the way towards 3,680 ringgit.

Palm oil may retest support at 3,577 ringgit

On the daily chart, a projection analysis on the uptrend from 3,500 ringgit reveals its close relation to the preceding trend from 3,220 ringgit.

The analysis suggests the progress of a big wave C, which may travel above 3,988 ringgit.