The Edge Markets (21/02/2018) - SINGAPORE (Feb 21): Palm oil is biased to fall into a range of 2,449-2,466 ringgit per tonne, as suggested by a projection analysis and a wedge.

The contract failed to break above resistance at 2,518 ringgit, the 38.2 percent projection level of an upward wave C from 2,433 ringgit.

The failure was followed by a drop that reversed a weak bounce triggered by the support at 2,486 ringgit. The reversal signals a continuation of the downtrend from the Feb. 12, high of 2,555 ringgit. A wedge suggests a target around 2,449 ringgit. - Reuters

Read more at http://www.theedgemarkets.com/article/palm-oil-biased-fall-24492466-ringgit-range