24.07.2019 (The Edge Markets MY) - SINGAPORE (July 24): Palm oil may rise more to 2,023 ringgit per tonne, as it has cleared a resistance at 2,001 ringgit.

The resistance is identified as the 38.2% projection level of a downward wave c from 2,059 ringgit. The next resistance will be at 2,023 ringgit, a break above which could lead to a gain to 2,037 ringgit. A pennant suggests a target around 2,037 ringgit as well.

A break below 2,001 ringgit, now a support, may cause a fall towards 1,990 ringgit - the support provided by the upper trendline of the pennant. This fall will be classified as a pullback towards the pattern.

On the daily chart, the contract has briefly pierced above a resistance at 2,001 ringgit, the 76.4% projection level of a downward wave C from 2,235 ringgit. It is highly likely to overcome this barrier and gain more towards 2,046 ringgit. – Reuters