18 June 2019 (The Edge Markets MY) SINGAPORE : Palm oil may rise to RM2,068 per tonne as it has broken a resistance at RM2,028.

The current bounce seems to be against the downtrend from RM2,235. A retracement analysis on the trend reveals a resistance at RM2,028, the 23.6% level.

The break above this barrier has opened the way towards RM2,068. However, this target has to be temporarily aborted should the contract open below RM2,028 on Tuesday, as such a move could signal the break above RM2,028 was false.

On the daily chart, the contact is expected to test a resistance RM2,046, the 61.8% projection level of a downward wave C from RM2,235. A break could lead to a gain into a range of RM2,068-2,082 (refer to the first chart).