22/01/2018 (The Edge Markets MY) - SINGAPORE (Jan 22): The palm oil third-month contract may seek a support at 2,426 ringgit per tonne, and then either hover above this level or bounce towards a range of 2,462-2,491 ringgit.

The support is provided by the 176.4 percent projection level of a downward wave (c). It is strengthened by two other supports at 2,418 ringgit and at 2,417 ringgit, respectively, the Dec. 14, 2017 low and the Dec. 22 low.

These supports are expected to work together to temporarily hold the fall. A decent bounce may be triggered as well, because no such bounce has occurred against the fall from the Jan. 9 high of 2,641 ringgit.

A break below 2,426 ringgit may cause a loss limited to 2,402 ringgit. – Reuters