The Edge Markets (02/05/2018) - SINGAPORE (May 2): Palm oil may fall more into a range of 2,315-2,338 ringgit per tonne, driven by a wave c.

This wave started at 2,434 ringgit. It is third wave of a three-wave cycle from 2,510 ringgit. A projection analysis reveals that this wave has travelled to its 50 percent projection level at 2,356 ringgit. Chances are it may extend into the range of 2,278-2,338 ringgit.

A falling channel suggests a target around 2,278 ringgit as well. On the daily chart, another projection analysis indicates a more bearish target at 2,302 ringgit, the 76.4 percent projection level of a downward wave C from 2,896 ringgit.

Resistance is at 2,374 ringgit (first chart), a break above which could lead to a gain to 2,397 ringgit. - Reuters

Read more at http://www.theedgemarkets.com/article/palm-oil-may-fall-more-23152338-ringgit-range