Palm oil may bounce into 4,931 — 4,959 ringgit range

Palm oil may bounce into a range of 4,931-4,959 ringgit per metric ton, following its stabilisation around a support at 4,844 ringgit. The stabilisation, along with the following strong bounce, indicates a completion of the correction from 5,050 ringgit. Immediate support is at 4,868 ringgit, a break below which may trigger a fall into 4,811-4,844 ringgit. The overall trending signals remain unclear, as the market is consolidating within a neutral range of 4,811-5,031 ringgit.