18.04.2023 (Business Recorder) - SINGAPORE: Palm oil may retest a support at 3,577 ringgit per tonne, a break below which could cause a fall to 3,520 ringgit.

Even though the monthly spread and a switch of the contract on the continuous chart caused a gap on Monday, the pattern has been least distorted.

A downward wave c from 3,916 ringgit is unfolding towards its 161.8% projection level, as it has travelled far below its 100% projection level of 3,671 ringgit.

Resistance zone is from 3,671-3,683 ringgit, a break above which could lead to a gain to 3,729 ringgit.

On the daily chart, the contract broke a support at 3,708 ringgit.

The next support will be at 3,521 ringgit, a break below which could trigger a fall into a range of 3,220-3,408 ringgit.