25.07.2019 (The Edge Markets MY) - SINGAPORE (July 25): Palm oil may end its rise around a resistance at RM2,038 per tonne, and then fall towards RM2,001.

The resistance is identified as 100% projection level of an upward wave c from RM1,965. It is strengthened by another one at RM2,037, the 14.6% projection level of a downward wave C from RM2,059. The wave c is highly likely to peak at RM2,038.

A break below RM2,023 may signal the reversal of the uptrend. On the daily chart, the contract is climbing towards RM2,046, the 61.8% projection level of a downward wave C from RM2,235.

It is doubtful if palm oil could extend its gains to RM2,046, as the two resistances on the hourly chart could be strong enough to stop the rise.