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A new impulse has begun for Malaysian palm oil from 1427 MYR/t as per the recent wave counts. We are in the fifth wave move of that impulse. We can expect a corrective A-B-C to begin after this. RSI indicates a correction to take place. Signs of negative divergences are also seen. The averages in MACD are above the zero line, indicating bullishness to be intact. Therefore, look for palm oil futures to test the resistance and then correct lower .

Supports are at MYR 2790, 2725 and 2678. Resistances are at MYR 2859, 2885 and 2935 ringgits. – Gnanasekhar T.

(The author is the Director of Commtrendz Research and also in the advisory panel of Multi Commodity Exchange of India Ltd(MCX). The views expressed in this column are his own and not that of MCX. This analysis is based on the historical price movements and there is risk of loss in trading. He can be reached at gnanasekar_thiagarajan@yahoo.com.)

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Palm oil may test resistance, drop

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