SINGAPORE (April 10): Palm oil looks neutral in a range of 2,638-2,665 ringgit per tonne, and an escape could suggest a direction.
The range is formed by the 100 percent and the 86.4 percent Fibonacci projection levels of a downward wave labelled c, the third wave of a bigger wave (5) from the March 6 high of 2,898 ringgit.
A break below 2,638 ringgit could cause a loss to 2,609 ringgit, while a break above 2,665 ringgit could lead to a gain into the range of 2,685-2,715 ringgit.
The bias could be towards the upside, as the bounce from the April 4 low of 2,627 ringgit looks incomplete. - Reuters