05.06.2018 (The Edge Markets MY) - SINGAPORE (June 5): Palm oil may break a support at RM2,408 per tonne and fall to the next support at RM2,364, as suggested by a retracement analysis.

These supports are identified respectively as the 14.6% and the 7% retracements of the downtrend from RM2,896 to RM2,324.

The fall on Monday looks more like a continuation of the drop from May 24 high of RM2,498 than like a pullback towards a falling trendline, after palm oil failed to break above RM2,459.

Only a break above RM2,459 could confirm the resumption of the uptrend from RM2,324.