The Edge Markets (20/04/2018) - SINGAPORE (April 20): Palm oil may retest a resistance at 2,434 ringgit per tonne, a break above which could lead to a gain to the next resistance at 2,476 ringgit.

These resistances are identified respectively as the 50 percent and the 76.4 percent projection levels of an upward wave C from 2,354 ringgit. This wave is capable of travelling into a range of 2,453-2,514 ringgit. A falling channel suggests a narrower target range of 2,453-2,476 ringgit. So long as palm oil hovers above 2,392 ringgit, it may climb into 2,453-2,476 ringgit range

A break below 2,392 ringgit could signal the current wave count is incorrect. A further drop below 2,377 ringgit could confirm the completion of the bounce from 2,354 ringgit, which will be revisited then. - Reuters

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