20.08.2018 (The Edge Markets MY) - SINGAPORE (Aug 20): Palm oil may rise into a range of RM2,269-2,277 per tonne, as it has cleared a resistance at RM2,240.

The resistance was provided by the 38.2% projection level of an upward wave C from RM2,192. This wave is capable of travelling into the range of RM2,269-2,317.

Palm oil not only cleared the resistance at RM2,240, but also broke a trendline falling from RM2,498. This is a major victory of bulls.

A retracement analysis on the downtrend from RM2,498 to RM2,140 reveals that palm oil rose high above the 23.6% retracement at RM2,224, and has a better chance of gaining more to RM2,277. A double-bottom forming around RM2,140 suggests a target around RM2,317 as well. A break below RM2,224 cold cause a loss to RM2,192.