The Edge Markets (09/03/2018) - SINGAPORE (March 9): Palm oil may fall more to 2,375 ringgit per tonne, as it has broken a support at 2,420 ringgit.

The support was provided by the 61.8 percent projection level of a downward wave c from 2,494 ringgit. After sliding below the support, the contract has a better chance of falling to 2,375 ringgit.

A bearish wedge has been confirmed, suggesting a much lower target around 2,310 ringgit. On the daily chart, palm oil is poised to break a key support at 2,416 ringgit, the 61.8 percent projection level of a big wave C from 2,896 ringgit.

The break could be disastrous to bulls, as it will open the way towards 2,303 ringgit. A bounce may be limited to the range of 2,420-2,435 ringgit. - Reuters

Read more at https://www.theedgemarkets.com/article/palm-oil-may-fall-more-2375-ringgit