04/08/2022 (Business Recorder), Singapore - Palm oil may test a support at 3,717 ringgit per tonne, a break below could open the way towards 3,489-3,598 ringgit range. The contract started a bounce earlier than expected, which was supposed to occur around 3,717 ringgit.

This earlier bounce, however, has little impact on the downtrend from $4,306 ringgit, as palm oil seems to have turned around to fall towards 3,717 ringgit.

Resistance is at 3,973 ringgit, a break above may lead to a gain into 4,085-4,269 ringgit range. On the daily chart, the whole downtrend from 7,229 ringgit has resumed. The trend consists of five waves.

The final wave, the wave (5), is unfolding towards 2,540-2,963 ringgit range, as pointed by a falling trendline.

https://www.brecorder.com/news/40190037/palm-oil-may-test-support-at-3717