OREANDA-NEWS. March 11, 2015. Palm oil is poised to break a support at 2,253 ringgit per tonne and fall more towards the next support at 2,218 ringgit.

These two supports are identified respectively as the 50 percent and the 61.8 percent Fibonacci retracements on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit.

Wave pattern suggests a five-wave mode on the fall from 2,400 ringgit. The fifth wave labelled 5 is progressing towards 2,218 ringgit.

Resistance is at 2,288 ringgit, the 38.2 percent level, a break above which could trigger a limited gain to the March 9 high of 2,312 ringgit.