17/05/2023 (Business Recorder), Singapore - Palm oil may drop further into a range of 3,288-3,344 ringgit per tonne, as it has broken a support at 3,418 ringgit. The support could have been working as the final barrier towards 3,288 ringgit.

The wave 2 ended at 3,344 ringgit, which serves as a closer target.

Resistance is at 3,418 ringgit, a break above which could lead to a weak gain to 3,451 ringgit.

On the daily chart, the deep drops from the May 9 high of 3,837 ringgit suggest a continuation of the downtrend from 4,425 ringgit.

The trend observes set of projection levels on the fall from 3,980 ringgit.

This projection analysis indicates a target zone of 3,055-3,273 ringgit.

https://www.brecorder.com/news/40242611/palm-oil-may-drop-further-into-3288-3344-ringgit-range