SINGAPORE (Sept 12): Palm oil may fall to 2,245 ringgit per tonne, as it has broken a support at 2,274 ringgit.
The support is identified as the 61.8 percent projection level of an upward wave C from 2,197 ringgit. This wave could have completed its first part around a resistance at 2,305 ringgit.
The next support will be at 2,245 ringgit, around which the wave C may resume, as this wave is expected to develop further in a rising channel.
A break below 2,245 ringgit may lead to a loss limited to 2,227 ringgit. A break above 2,274 ringgit, now a resistance, could lead to a gain to 2,305 ringgit. - Reuters