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Palm oil may leave a neutral range of 2,140-2,191 ringgit per tonne on Friday or next Monday, to complete its consolidation within a wedge.
The range is formed by the April 15 low and the 50 percent retracements on the downtrend from 2,344 ringgit to 2,038 ringgit.
A break below 2,140 ringgit could cause a loss to 2,110 ringgit, while a break above 2,191 ringgit could lead to a gain to 2,227 ringgit.
The bias could be towards the upside, as the wedge could be broken down into three waves. Such a structure suggests a completion of the pattern.
Signals will be neutral on the daily chart as well, until palm oil leaves a range of 2,144-2,246 ringgit, formed by the 100 percent and the 86.4 percent projection levels on a downtrend from 2,896 ringgit.
(No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.)
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