24/01/2018 (The Edge Markets MY) - SINGAPORE (Jan 24): The palm oil third-month contract may test a resistance at 2,519 ringgit per tonne, a break above which could lead to a gain to the next resistance at 2,555 ringgit.

These resistances are identified respectively as the 138.2 percent and the 123.6 percent projection levels of a downward wave (c).

The contract broke a falling trendline. The break signals a reversal of the downtrend from the Jan. 9 high of 2,641 ringgit. Generally, a pullback towards the trendline could occur after the break. This pullback may be triggered by the resistance at 2,519 ringgit.

A drop may be limited to 2,462 ringgit. – Reuters