22.06.2018 (The Edge Markets MY) - SINGAPORE (June 22): Palm oil may retest a resistance at RM2,275 per tonne, as suggested by a projection analysis and a falling channel.

The resistance is identified as the 176.4% projection level of a downtrend from RM2,457. It temporarily stopped the bounce from the June 19 low of RM2,238. However, this bounce consists of three waves. The third wave is yet to travel to RM2,275.

The trend could be broken down into five waves. This structure suggests a completion of this trend. So long as palm oil hovers above RM2,236, it may approach RM2,275 again.

A break below RM2,236 could cause a loss to RM2,212.