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The range is formed by the 23.6 percent and the 38.2 percent projection levels of an upward wave c from 2,147 ringgit. It is the last part of a three-wave cycle from 2,137 ringgit.
Wave theory suggests that the current drop from Oct. 5 high of 2,235 ringgit may extend to 2,137 ringgit, as this drop could be a continuation of the downtrend from 2,303 ringgit.
On the daily chart, palm oil seems to have completed a bounce triggered by the support at 2,144 ringgit, the 100 percent projection level of a downward wave (C) from 2,896 ringgit. It may retest this support.