The Edge Markets (05/04/2018) - SINGAPORE (April 5): Palm oil may rise into a range of RM2,471-2,498 per tonne, driven by a wave C.

The range is formed by the 76.4% and the 100% projection levels of an upward wave C from the April 4 low of RM2,383. 

The strong bullish momentum of this wave signals that it may extend to RM2,498. However, it faces a strong resistance at RM2,461, the 38.2% retracement of the downtrend from RM2,641 to RM2,350.

Palm oil failed three times to overcome this barrier, and may succeed at its current attempt. Support is at RM2,441, a break below which could cause a loss into the range of RM2,410-2,427.

(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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