SINGAPORE (July 26): Palm oil looks neutral in a range of 2,149-2,187 ringgit per tonne, and an escape could suggest a direction.
The range is formed by the 76.4 percent and the 61.8 percent projection levels of a downward wave C from 2,348 ringgit. A break below 2,149 ringgit could cause a loss to the zone of 2,088-2,123 ringgit, while a break above 2,187 ringgit could lead to a gain to 2,218 ringgit.
Given that the July 25 low of 2,140 ringgit is lower than the July 13 low of 2,144 ringgit, the wave C may have resumed towards 2,088 ringgit. - Reuters