31.10.2018 (The Edge Markets MY) - SINGAPORE (Oct 31): Palm oil may fall to 2,138 ringgit per tonne, as suggested by its wave pattern and a projection analysis.

The contract is riding on a wave C, the third wave of a presumed three-wave cycle from 2,303 ringgit. This wave is capable of travelling to 2,099 ringgit.

Five waves make up this wave C. So far, only four have completed. The fifth wave labelled e is unfolding towards the nearest support at 2,138 ringgit.

The contract is poised to retest a key support at 2,144 ringgit on the daily chart, which is the 100 percent projection level of a big wave (C) from 2,896 ringgit.

After failing twice to overcome this barrier, palm oil may eventually break it and fall towards 1,967 ringgit, which is indicated by a falling channel. – Reuters