15.02.2018 (The Edge Markets MY) - SINGAPORE (Feb 15): The palm oil third-month contract looks neutral in a narrow range of 2,486-2,518 ringgit per tonne, and an escape could suggest a direction.

The range is formed by the 23.6 percent and the 38.2 percent projection levels of an upward wave C from 2,433 ringgit. A break above 2,518 ringgit could signal the continuation of the wave C towards 2,571 ringgit.

The bias seems to be towards the upside, as the wave C is capable of traveling into the zone of 2,571-2,656 ringgit. A break below 2,486 ringgit could cause a loss into a range of 2,433-2,466 ringgit. – Reuters