10.06.2019 (The Edge Markets MY) - SINGAPORE (June 10): Palm oil may break a support at RM2,019 per tonne and fall into a range of RM1,960-1,997.

The support is provided by the 61.8% retracement of the uptrend from RM1,960 to RM2,115. The uptrend has reversed, as confirmed by a break below a falling trendline.

Wave pattern shows that palm oil is riding on a wave c from RM2,075. This wave is capable of travelling to RM1,986, its 100% projection level.

Once the contract falls to RM1,986, the break below RM1,997 will be confirmed. This break could open the way towards RM1,960.

A break above RM2,038 may lead to a gain into the range of RM2,056-2,078.