30 May 2019 (The Edge Markets MY) SINGAPORE : Palm oil may rise to RM2,148 per tonne, driven by a wave C.

This is the third wave of a presumed three-wave cycle from the May 13 low of RM1,960. It has briefly travelled above its 76.4% projection level at RM2,111. It is likely to extend to RM2,148, which is pointed by a rising trendline.

Support is at RM2,089, a break below which could cause a loss into RM2,052-2,071. On the daily chart, palm oil is poised to test a pivotal resistance at RM2,144, the 100% projection level of a downtrend from RM2,896.