16 July 2019 (The Edge Markets MY) SINGAPORE: Palm oil may break a resistance at RM1,984 per tonne, and rise to RM2,001, as suggested by a projection analysis and the hourly MACD.

The contract has broken a falling trendline. The break signals a reversal of the downtrend from RM2,115. The current pullback towards the trendline support around RM1,966 may end soon, and the rise towards RM2,001 will resume.

The bullish divergence on the hourly MACD suggests a further gain from the current level. On the daily chart, palm oil has cleared a resistance at RM1,971, the 86.4% projection level of a downward wave C from RM2,118. It is heading towards RM2,001.