The Edge Markets (12/07/2018) - SINGAPORE (July 12): Palm oil is expected to drop more to 2,187 ringgit per tonne, as it has cleared a support at 2,212 ringgit.

The support is identified as the 238.2 percent projection level of a downtrend from 2,457 ringgit. The next support will be at 2,187 ringgit.

Working together with the support at 2,187 ringgit is another one at 2,186 ringgit, the July 12, 2016 low. Palm oil may try to stabilize around the zone of 2,186-2,187 ringgit or start a bounce towards 2,212 ringgit.

Bulls are advised not to have a big expectation on this support, as on the daily chart, a projection analysis suggests that palm oil could eventually fall to 2,120 ringgit, the 100 percent projection level of a downward wave C from 2,896 ringgit. - Reuters

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