14.02.2018 (The Edge Markets MY) - SINGAPORE (Feb 14): The palm oil third-month contract may retrace into a range of 2,466-2,486 ringgit per tonne, following its failure to break a resistance at 2,545 ringgit.

The resistance is provided by the 50 percent projection level of an upward wave C from 2,433 ringgit. Making this barrier stronger is another similar one established by a falling trendline.

The contract has broken a support at 2,518 ringgit. The next support will be at 2,486 ringgit, a break below which could cause a furher loss to 2,466 ringgit. Only a break above 2,545 ringgit could confirm the extension of the wave C towards the range of 2,571-2,603 ringgit. – Reuters