The Edge Markets (08/07/2019) - SINGAPORE (July 8): Palm oil looks neutral in a range of RM1,944-1,966 per tonne, and an escape could suggest a direction.

The range is formed by the 76.4% and the 61.8% projection levels on a downward wave c from RM2,059. A break above RM1,966 may lead to a gain limited to RM1,984 , while a break below RM1,944 could cause a fall into the range of RM1,908-1,929.

The strong bounce triggered by the support at RM1,929 and the bullish divergence on the hourly MACD suggest an upside bias.

(Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.)

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