14.03.2018 (The Edge Markets MY) - SINGAPORE (March 14): Palm oil may bounce more into a range of 2,435-2,449 ringgit per tonne, as suggested by a projection analysis and a wedge.

The range is formed by the 50 percent and the 38.2 percent projection levels of a downward wave c from 2,494 ringgit. The current bounce looks like a pullback towards the lower trendline of a wedge. The pullback may extend a bit further.

Eventually, palm oil may resume its downtrend, as another projection analysis on the daily chart shows that the contract has broken a key support at 2,416 ringgit, the 61.8 percent projection level of a big wave C from 2,896 ringgit.

The break has opened the way towards 2,303 ringgit. Palm oil is pulling back towards 2,416 ringgit. It is possible that the pullback ends above this level.- Reuters