18.06.2018 (The Edge Markets MY) - SINGAPORE (June 18): Palm oil may revisit its June 13 low of RM2,300 per tonne, as a bounce from this level could have completed.

The bounce is indeed a pullback towards the May 4 low of RM2,324. This pullback was a bit overdone. Wave pattern suggests that the contract is riding on a wave c from RM2,457.

This wave is capable of extending to RM2,290, its 161.8% projection level. A rise above RM2,324, however, could signal the extension of the bounce towards RM2,360, the 38.2% retracement, which is suggested by a falling channel.