The Edge Markets (23/07/2018) - SINGAPORE (July 23): Palm oil is biased to retest a resistance at 2,218 ringgit per tonne, a break above which could lead to a gain to the next resistance at 2,249 ringgit.

These resistances are identified respectively as the 50 percent and the 38.2 percent projection levels on a downward wave C from 2,348 ringgit.

The bounce from the July 13 low of 2,144 ringgit may be as strong as the one from the June 19 low of 2,238 ringgit. A falling channel suggests the current bounce may extend into the range of 2,249-2,287 ringgit.

This target range will only be confirmed when palm oil breaks above 2,218 ringgit. The contract failed to break this resistance in its first attempt. It is rising towards this resistance and may succeed in its current attempt. - Reuters

Read more at http://www.theedgemarkets.com/article/palm-oil-biased-retest-resistance-2218-ringgit