01.03.2019 (The Edge Markets MY)  - SINGAPORE (March 1): Palm oil may fall further in a range of RM2,034-2,091 per tonne, as it has cleared a support at RM2,144.

The support is provided by the 100% projection level of a downward wave (C). The next support will be at RM2,091, a break below which could cause a loss to RM2,034.

The current sharp fall shows no sign of a pause. The most optimistic scenario to bulls could be a bounce around RM2,091. A bounce may be limited to RM2,144, now a resistance.

On the hourly chart, palm oil has broken a support at RM2,142, the 50% retracement of the uptrend from RM1,940 to RM2,344, it is heading towards RM2,094.