Apr 3, 2017 (Times of India) - Palm oil is expected to test a support at 2,638 ringgit per tonne, a break below which could cause a further loss to 2,609 ringgit. For a chart: http://tmsnrt.rs/2nMga1G The support is provided by the 100 percent Fibonacci projection level of a downward wave c, the third wave of a bigger wave (5) from the March 6 high of 2,898 ringgit. The bullish divergence on the hourly MACD suggests that the downtrend has become very exhausted. There might be a good chance of the support to hold. Resistance is at 2,665 ringgit, a break above which could lead to a gain to 2,685 ringgit. A further gain above 2,685 ringgit will signal the completion of the wave c.

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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. ** ($1 = 4.4430 ringgit) (Reporting by Wang Tao; Editing by Biju Dwarakanath)