16.07.2018 (The Edge Markets MY) - SINGAPORE (July 16): Palm oil is expected to fall more into a range of 2,109-2,124 ringgit per tonne, as suggested by a projection analysis.

The range is formed by the 338.2 percent and 323.6 percent projection levels on a downtrend from 2,457 ringgit. The trend seems to be accelerating in its development. The acceleration indicates the contract may not stop around the zone, instead, it could eventually extend to 2,084 ringgit.

The trend is driven by a wave C from 2,334 ringgit. Another projection analysis suggests a target of this wave at 2,084 ringggit as well, its 100 percent projection level.

A bounce may be limited to 2,172 ringgit. - Reuters