The Edge Markets (03/04/2018) - SINGAPORE (April 3): Palm oil may test a support at RM2,440 per tonne, a break below which could cause a further loss to the next support at RM2,424.

These supports are identified respectively as the 38.2% and the 23.6% projection levels of an upward wave C from RM2,399.

This wave was disrupted by a resistance at RM2,466, Strengthening this barrier is the resistance at RM2,458, the March 22 high, and the resistance at RM2,461, the 38.2% retracement of the downtrend from RM2,641 to RM2,350.

Only a break above RM2,466 could confirm the extension of the wave C towards RM2,507.

(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.)

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