On the third month continuous chart, the contract seems to be riding on a wave c, which is capable of travelling far below the nearest support at 3,659 ringgit
"Many feed producers have built their stocks till May...We will need watch what happens in May," said the manager, who declined to be named as he was not authorized to talk to the media.
The US Energy Information Administration reported ethanol stocks at the lowest since November and as rain forecast for much of the US Midwest threatened planting.
On the daily chart, an uptrend remains intact. However, the resumption of the uptrend quite often started with a high-low bottom after a deep correction.