SINGAPORE: Palm oil may test a support at 3,857 ringgit per tonne, a break below could open the way towards 3,598-3,717 ringgit range.

The drop on Thursday confirmed both a continued downtrend from the Aug. 12 high of 4,495 ringgit and an escape from a rising channel.

A duplicated channel suggests a target of 3,489 ringgit.

A realistic target could be either 3,717 ringgit or 3,598 ringgit.

Palm oil poised to break support at 4,085 ringgit

Resistance is at 4,000 ringgit, a break above may lead to a gain to 4,085 ringgit.

On the daily chart, the downtrend from 7,229 ringgit has resumed.

It is riding on a wave (5), which is expected to travel to 3,489 ringgit.

This wave may end around 3,489 ringgit or extend a lot below this level.

Its unique characteristic allows it to travel very fast.