SINGAPORE (May 3): Palm oil is expected to fall more into a range of RM1,967-1,989 per tonne, as suggested by its wave pattern and a projection analysis. This wave is quite likely to travel into a target range formed by its 261.8% and the 238.2% projection levels, as it has pierced below RM2,026. In the meantime, palm oil has fallen below its March 15 low of RM2,038. On the daily chart, a projection analysis on a downtrend from RM2,896 reveals palm oil has briefly pierced below a support at RM2,034, the 114.6% level. It may fall more into RM1,857-1,967 range.

Source: The Edge Markets May 03, 2019 02:48 UTC