8 May 2019 (The Edge Markets MY) SINGAPORE : Palm oil may gain more to RM2,091 per tonne, as it has cleared a resistance at RM2,034.

The resistance is identified as the 114.6% projection level of a downtrend from RM2,896. The next resistance will be at RM2,091, a break above which could lead to a gain to RM2,144.

The current bounce was due to a support range of RM1,940-1,967, which is formed by the Nov 27, 2018 low and the 123.6% projection level.

On the hourly chart, the contract has briefly pierced above a resistance at RM2,050, the 38.2% retracement of the fall from RM2,179 to RM1,970. It is likely to overcome this barrier and climb into the range of RM2,075-2,099.