SINGAPORE: Palm oil may break a support at RM2,464 per tonne and fall more to the next support at RM2,439, driven by a fierce wave C.
These supports are identified respectively as the 50% and the 61.8% projection levels of the wave C from RM2,568.
The break below RM2,464 will not only cause a loss to RM2,439, but also confirm a bearish wedge, which indicates a target around RM2,360.
Resistance is at RM2,489, a break above which may lead to a gain to RM2,519.