The Edge Markets (05/03/2018) - SINGAPORE (March 5): Palm oil may break a support at 2,464 ringgit per tonne and fall more to the next support at 2,439 ringgit, driven by a fierce wave C.

These supports are identified respectively as the 50 percent and the 61.8 percent projection levels of the wave C from 2,568 ringgit.

The break below 2,464 ringgit will not only cause a loss to 2,439 ringgit, but also confirm a bearish wedge, which indicates a target around 2,360 ringgit.

Resistance is at 2,489 ringgit, a break above which may lead to a gain to 2,519 ringgit - Reuters

Read more at http://www.theedgemarkets.com/article/palm-oil-may-fall-2439-ringgit