28.09.2018 (The Edge Markets MY) - SINGAPORE (Sept 28): Palm oil may test a support at 2,161 ringgit per tonne, a break below which could cause a loss to the next support at 2,149 ringgit.

These supports are identified respectively as the 14.6 percent and the 7 percent retracements on the downtrend from 2,303 ringgit to 2,137 ringgit.

The contract failed twice two to break 2,200 ringgit. The failures signal a completion of the bounce from 2,137 ringgit. A small double-top forming around 2,200 ringgit further indicates the completion.

Even if the bounce extends unexpectedly a few days later, the extension may not start until palm oil falls to 2,149 ringgit. A break above 2,176 ringgit may lead to a gain to 2,200 ringgit. - Reuters