SINGAPORE: Palm oil may retest a resistance at 3,791 ringgit per metric ton, driven by a powerful wave c.

This wave has easily travelled above its 161.8% projection level of 3,619 ringgit. It is likely to extend to 3,884 ringgit.

The resistance at 3,791 ringgit triggered a shallow correction, which may end above a support zone of 3,674-3,652 ringgit.

On the daily chart, the contract has surged above a resistance at 3,694 ringgit.

Malaysian palm oil futures soar

The surge is classified as a part of a trend countering the preceding downtrend from 4,497 ringgit.

The strong momentum is expected to push the price into 3,848-4,001 ringgit.

The Nov. 3, 2022 high of 4,497 ringgit will be targeted, once palm oil breaks the resistance at 4,001 ringgit.