The support is provided by the 50 percent Fibonacci retracement on the rise from the Sept. 2, 2014 low of 1,914 ringgit to the Jan. 15 high of 2,394 ringgit. It blocks the way towards the 61.8 percent level at 2,097 ringgit.
A rebound seems to have been triggered, towards the 38.2 percent level at 2,211 ringgit. Even though it is not very certain if the rebound could be strong enough to reach 2,211 ringgit, at least, palm oil is expected to hover above 2,154 ringgit for a few sessions.
A drop to 2,147 ringgit may signal the break below 2,154 ringgit.