The Edge Markets (19/02/2018) - SINGAPORE (Feb 19): The palm oil third-month contract remains neutral in a narrow range of 2,486-2,518 ringgit per tonne, and an escape could suggest a direction.

The range is formed by the 23.6 percent and the 38.2 percent projection levels of an upward wave C from 2,433 ringgit. A break above 2,518 ringgit could signal the continuation of the wave C towards 2,571 ringgit. A break below 2,486 ringgit could cause a loss into a range of 2,433-2,466 ringgit.

Either a flat or a wedge is developing. Both of them suggest an upside bias. A flat means palm oil could rise to 2,656 ringgit, while a wedge indicates a conservative target at 2,571 ringgit. - Reuters

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