10.06.2019 (Business Recorder) - SINGAPORE: Palm oil may break a support at 2,019 ringgit per tonne and fall into a range of 1,960-1,997 ringgit.

The support is provided by the 61.8pc  retracement of the uptrend from 1,960 ringgit to 2,115 ringgit.

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 2,075 ringgit. This wave is capable of travelling to 1,986 ringgit, its 100pc  projection level.

Once the contract falls to 1,986 ringgit, the break below 1,997 ringgit will be confirmed. This break could open the way towards 1,960 ringgit.

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

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Wang Tao is a Reuters market analyst for commodities and energy technicals.

The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.