SINGAPORE: Palm oil may fall to 3,407 ringgit per tonne, driven by a wave C. This wave has briefly travelled below its 86.4% projection level of 3,463 ringgit. It is highly likely to extend to 3,407 ringgit.
The contract may fail to break the support at 3,407 ringgit at its first attempt, even though it is expected to eventually drop into a range of 3,152-3,249 ringgit.
Resistance is at 3,504 ringgit, a break above which could lead to a gain to 3,565 ringgit.
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On the daily chart, a projection analysis on a wave c from 3,980 ringgit reveals a support at 3,408 ringgit, which almost coincides with 3,407 ringgit on the hourly chart.
These supports are expected to work together to trigger a pullback towards 3,518 ringgit.
A break below 3,408 ringgit could open the way towards 3,273 ringgit.
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