16 Apr 2019 (The Edge Markets MY) SINGAPORE: Palm oil may fall to RM2,110 per tonne, as it has broken a support at RM2,155.

The support is identified as the 38.2% retracement of the downtrend from RM2,344 to RM2,038. The next support will be at RM2,110.

A trendline rising from RM2,038 was broken. The break confirms a reversal of the uptrend from this level. Three waves make up the trend. The second wave labelled ended at RM2,095, which may be approached.

A break above RM2,155, now a resistance, could lead to a gain into the range of RM2,177-2,191. On the daily chart, palm oil is poised to break a support at RM2,144, the 100% projection level of a downtrend from RM2,896. The break could open the way towards RM2,091.