Palm oil may test support at 4,478 ringgit

SINGAPORE, Oct 2 (Reuters) - Palm oil may test a support at 4,478 ringgit per metric ton, a break below could open the way towards 4,445 ringgit.

The contract has briefly pierced below a support at 4,588 ringgit, the 323.6% projection level of a downtrend from 4,964 ringgit.

Based on this projection analysis, the market may extend loss to 4,445 ringgit, the 361.8% level. Resistance is at 4,533 ringgit, a break above may lead to a gain into the 4,567-4,588 ringgit range.

On the daily chart, a retracement analysis of the uptrend from 4,368 ringgit reveals a break below a support at 4,529 ringgit, the 76.4% level.

The break opened the way towards the 4,368 ringgit-4,461 ringgit range.

** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on Workspace - platform provided by London Stock Exchange.

** No information in this analysis should be considered business, financial, or legal advice. Each reader should consult their own professional or other advisers for business, financial, or legal advice regarding the products mentioned in the analyses. ​