The Edge Markets (21/06/2018) - SINGAPORE (June 21): Palm oil may break a resistance at 2,275 ringgit and bounce more to 2,290 ringgit per tonne, as suggested by a projection analysis and a falling channel.

The contract has found a support at 2,236 ringgit, the 214.6 percent projection level of a downtrend from 2,457 ringgit. The trend could be broken down into five waves. This structure confirms the completion of this trend.

The fourth wave of the trend labelled iv ended at 2,336 ringgit, which may be approached, according to the wave theory. However, a falling channel suggests a conservative target at 2,290 ringgit.

A break below 2,251 ringgit could cause a loss into 2,227-2,236 ringgit range. - Reuters

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