16.11.2018 (The Edge Markets MY) - SINGAPORE (Nov 16): Palm oil may have completed a weak bounce around a resistance at 1,996 ringgit per tonne. It is poised to retest a support at 1,972 ringgit.

The resistance and the support are identified respectively as the 161.8 percent and the 176.4 percent projection levels of a downward wave C from 2,265 ringgit.

After travelling below 1,996 ringgit, the wave C is highly likely to extend to 1,870 ringgit, which is close to another target at 1,857 ringgit on the daily chart.

Wave pattern on the daily chart shows the progress of a big wave (C) from 2,896 ringgit, which was temporarily stopped by the support at 1,967 ringgit, its 123.6 percent projection level.

This wave may travel to 1,679 ringgit, which is suggested by a lower falling channel. Palm oil is about to leave the upper channel and moving into the lower channel. A more realistic target will be 1,933 ringgit on the hourly chart. – Reuters