The Edge Markets (26/06/2019) - SINGAPORE (June 26): Palm oil is biased to break a support at 1,971 ringgit per tonne, and fall towards 1,929 ringgit.

The support is provided by the 86.4% projection level of a downward wave C from 2,235 ringgit. It is strengthened by other two supports at 1,964 ringgit and 1,960 ringgit, respectively the June 12 low and the May 13 low.

Even though these supports may work together to stop the fall, a triangle is ending. It looks like a bearish continuation pattern and suggests a further drop below 1,971 ringgit.

A bounce may be limited to 2,001 ringgit. - Reuters

Read more at https://www.theedgemarkets.com/article/palm-oil-biased-fall-1929-ringgit