21/07/2017 (The Edge Markets) - SINGAPORE (July 21): Palm oil October contract is expected to rise further into a range of 2,599-2,623 ringgit per tonne, driven by a powerful wave C.

The strong gain on Thursday confirms an extension of the uptrend from the June 8 low of 2,376 ringgit. The trend consists of three waves, two of which have completed.

The third wave labeled C has pierced above a resistance at 2,574 ringgit. The next resistance will be at 2,599 ringgit, a break above which could lead to a gain to 2,623 ringgit.

A correction from the current may be limited to 2,543 ringgit. - by Wang Tao, Reuters

(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.)

(US$1 = 4.4430 ringgit)