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NEWS ADMIN

DATE

08/03/2019

NEWS PROVIDER

Khairlia Khairulzaman

NEWS SOURCE

The Edge Markets MY

CATEGORY

HEADLINE

Palm oil biased to fall to RM2,117

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.