SINGAPORE: Palm oil may break a support at 3,565 ringgit per tonne and fall to 3,504 ringgit. The bounce triggered by the support has been almost reversed.
The reversal signals a continuation of wave C from 3,820 ringgit.
It is clear that the wave did not intend to stop around 3,565 ringgit with a purpose of extending to 3,407 ringgit. Resistance is at 3,614 ringgit, a break above which could lead to a gain to 3,662 ringgit.
Palm oil may fall into 3,601-3,637 ringgit range
On the daily chart, the current fall is regarded as a continuation of the preceding downtrend from the March 2 high of 4,425 ringgit.
Riding on a wave c, the fall may extend into a wide range of 3,055-3,408 ringgit.
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