08.08.2018 (The Edge Markets MY) - SINGAPORE (Aug 8): Palm oil may break a resistance at RM2,249 per tonne, and rise towards the next resistance at RM2,287, as suggested by its a projection analysis and a double-bottom.

These resistances are identified respectively as the 38.2% and the 23.6% projection levels on a downward wave C from RM2,348.

The surge on Tuesday has confirmed a double-bottom forming around RM2,149. The pattern suggests a target at RM2,287.

On the daily chart, palm oil could have completed a downtrend from RM3,202. The trend consists of three waves. The third wave labelled (C) narrowly missed its ultimate target at RM2,120 twice. With palm oil having climbed above RM2,226, this target may never be fulfilled.

Support is at RM2,218, a break below which could cause a loss to RM2,187.