SINGAPORE (May 17): Palm oil may rise more to RM2,144 per tonne, as suggested by a projection analysis and a falling channel. The contract has more or less cleared a resistance at RM2,091, the 107% projection level of a downtrend from RM2,896. It may extend its gain to the next resistance at RM2,144. A break above RM2,144 would be a milestone in chart development, as it will strongly suggest the formation of a big double-bottom around RM1,967. On the hourly chart, the contract has cleared a resistance at RM2,085, the 138.2% projection level on a downtrend from RM2,218.

Source: The Edge Markets May 17, 2019 02:26 UTC