Palm oil may retest 4,736 ringgit support, Reuters analyst says
Reuters technical analyst Wang Tao says palm oil futures may retest the 4,736 ringgit per ton support level as the correction continues.
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what happened
According to Reuters analyst Wang Tao, the correction in palm oil futures from 4,852 ringgit looks incomplete and may consist of three waves. The bounce in the previous session, he says, was driven by the second wave, wave b. A strong wave b may end near 4,834 ringgit, while a weak one could finish around 4,799 ringgit.
A break below 4,773 ringgit would, in his view, confirm that wave c is developing toward the 4,706 to 4,773 ringgit range.
why it matters
On the daily chart, the analyst points to a dark cloud cover pattern forming at key resistance of 4,836 ringgit, which coincides with a 61.8% retracement of the downtrend from 5,050 ringgit. He says the pattern suggests a possible reversal of the uptrend from 4,491 ringgit, and he considers further correction highly likely. This is technical analysis, not investment advice.
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- Palm oil may retest support at 4,736 ringgit — Reuters, 23 October 2026 at 02:07 UTC
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