8 Mar 2019 (The Edge Markets MY ) SINGAPORE : Palm oil may break a support at RM2,117 per tonne, and fall to the next support at RM2,1094, as the downtrend from the Feb 7 high of RM2,344 remains steady.
The first support is provided by the 200 projection level of a downward wave c from RM2,311, while the second by the 61.8% retracement on the uptrend from RM1,940 to RM2,344.
The current downtrend consists of five waves that have been unfolding within a falling channel, which suggests a target around RM2,035. Resistance is at RM2,154, a break above which could lead to a gain to RM2,177.
On the daily chart, palm oil fell below a support at RM2,144 again, the 100% projection level of a wave (C). This support could have been broken and the break opened the way towards the range of RM2,034-2,091.