07.06.2018 (The Edge Markets MY) - SINGAPORE (June 7): Palm oil still targets RM2,364, as it has broken a support at RM2,408 per tonne.

The support is identified as the 14.6% retracement of the downtrend from RM2,896 to RM2,324. The next support will be at RM2,364.

A falling trendline provides a support as well, which caused a weak bounce that seemed to have ended around RM2,408, now a resistance.

The drop from May 24 high of RM2,498 looks like a resumption of the preceding downtrend from RM2,896. This drop may extend to RM2,324.

A break above RM2,408 may lead to a gain to RM2,459.