26.07.2019 (The Edge Markets MY) - SINGAPORE (July 26): Palm oil may extend its gains into a range of RM2,076-2,083 per tonne, driven by a powerful wave c.

The range is formed by the 50% retracement on the downtrend from RM2,235 to RM1,916 and the 161.8% projection level of an upward wave c from RM1,965.

This wave is much stronger than expected. It has travelled above its 100% projection level at RM2,038. Chances are it could extend to RM2,083.

On the daily chart, the contract is climbing towards a resistance at RM2,082, the 50% projection level of a downward wave C from RM2,235.

A decent correction may be triggered by the resistance, as a pullback towards a falling trendline has not occurred. – Reuters