SINGAPORE (May 21): Palm oil still targets RM2,144 per tonne, as suggested by a projection analysis and a falling channel. The contract has broken a resistance at RM2,091, the 107% projection level of a downtrend from RM2,896. The next resistance will be at RM2,144, around which the current rise may end, as this resistance is strengthened by another one established by a falling channel. A break above RM2,144 could open the way towards RM2,246. On the hourly chart, palm oil may break an immediate resistance at RM2,122, the 100% projection level on a downtrend from RM2,218.

Source: The Edge Markets May 21, 2019 03:11 UTC