A high-low bottom developing above a rising trendline has taken shape. It confirms a completion of the drop from 4,192 ringgit and the continuation of the uptrend.
The contract is presumed to be riding on a wave c, which is capable of travelling below 3,659 ringgit. This wave may end around 3,659 ringgit, if it is very weak.
A rise above $1,758.45 could confirm a double-bottom, which will suggest a target of $1,851. A break below $1,719 may cause a fall into the range of $1,677-$1,697.
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.