30.10.2018 (The Edge Markets MY) - SINGAPORE (Oct 30): Palm oil may end its current bounce around a resistance at RM2,202 per tonne and then resume its downtrend from RM2,265.

The resistance is provided by the 38.2% projection level of a downward wave C from RM2,265. This wave looks incomplete. It may eventually travel to US$2,099. A falling trendline also suggests the bounce target around RM2,202. A break above RM2,202, which looks highly unlikely, may lead to a gain to RM2,226.

This bounce could be the final struggle of bulls to stay above a key support at RM2,144 on the daily chart, which is the 100% projection level of a big wave (C) from RM2,896. Eventually, palm oil may break RM2,144 and fall towards RM1,967, which is indicated by a falling channel.