A break below 3,322 ringgit may cause a fall into 3,208-3,260 ringgit range. On the daily chart, the contract is trying to stabilize around a rising trendline.
The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange slid 102 ringgit, or 3%, to 3,289 ringgit a tonne during early trade.
Despite its strength, the current rise may end in a wide range of 3,524-3,716 ringgit, as the fall from 3,888 ringgit adoped a five-wave mode, which suggests the second round of drop.