The Edge Markets (02/02/2018) - SINGAPORE (Feb 2): The palm oil third-month contract looks neutral in a range of RM2,481-2,520 per tonne, and an escape could suggest a direction.

The range is formed by the 14.6% and the 23.6% retracements on the downtrend from RM2,855 to RM2,417.

A break below RM2,481 could cause a loss into the range of RM2,417-2,481, while a break above RM2,520 could lead to a gain to RM2,584.

The bias could be towards the upside, as the short uptrend from the Jan 19 low of RM2,433 looks like a part of a bigger trend from RM2,417.

(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.)

https://www.theedgemarkets.com/article/palm-oil-neutral-rm24812520-range