SINGAPORE (May 28): Palm oil may retrace to RM2,003 per tonne, as it failed to break a resistance at RM2,049. The resistance is identified as the 176.4% projection level of a downtrend from RM2,218. Unless palm oil could immediately go above RM2,026 after opening on Tuesday, it is more likely to fall to RM2,003. On the daily chart, another projection analysis reveals a resistance at RM2,034, the 114.6% projection level of a downtrend from RM2,896. A break above RM2,049 (first chart) could lead to a gain into the range of RM2,063-2,085.

Source: The Edge Markets May 28, 2019 02:37 UTC