26.02.2018 (The Edge Markets MY) - SINGAPORE (Feb 26): Palm oil failed to break a resistance at 2,537 ringgit per tonne, it may retest this level after a moderate correction to a support at 2,512 ringgit.

The resistance and the support are identified respectively as the 50 percent and the 38.2 percent retracements of the downtrend from 2,641 ringgit to 2,433 ringgit.

The contract has briefly pierced above the upper trendline of a wedge. It is poised to complete this pattern and rise more. A target at 2,562 ringgit will be established once palm oil stands firm above 2,537 ringgit.

A break below 2,512 ringgit may cause a loss to 2,482 ringgit. – Reuters