SINGAPORE: Palm oil may test a support at 4,742 ringgit per tonne, as it could have completed a bounce from the recent low of 4,493 ringgit.
The bounce was driven by a wave 4, the fourth wave of a five-wave cycle from the May 27 high of 6,698 ringgit.
Palm falls on likely higher output
This wave will be reversed by the current wave 5. A rise above 4,952 ringgit may be extended to 5,086 ringgit.
Source: Brecorder
