28/07/2017 (Times of India) - SINGAPORE, July 28 (Reuters) - Palm oil Oct. contract failed to break a resistance zone of 2,675-2,703 ringgit per tonne, and may hover below 2,675 ringgit for a while before rising again.

The range is formed by the 86.4 percent and the 100 percent Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the June 8 low of 2,376 ringgit. This wave consists of five smaller waves. So far, only the first two waves have completed.

Working together with the resistance zone is another one established by a rising trendline, which makes the contract more difficult to rise further. Support is at 2,654 ringgit, a break below which could cause a further loss to 2,623 ringgit.