30.01.2019 (The Star Online) - SINGAPORE (Jan 30): Palm oil may slide further into a range of RM2,256-2,274 per tonne, following its failure to break a resistance at RM2,322. The resistance is identified as the 276.4% projection level on an uptrend from RM1,979. The failure to overcome this barrier has triggered a decent correction, which may develop further, after extending below the support at RM2,304.

The uptrend may resume when the contract reaches the target zone, as a bullish pennant suggests a target at RM2,390. On the daily chart, palm oil failed to break a resistance at RM2,321, the 76.4% projection level of a downward wave (C) from RM2,896.

It seems that the contract is falling towards a support at RM2,246, which is slightly below the range of RM2,256-2,274.

A break above RM2,321 could lead to a gain to RM2,431.