SINGAPORE: Palm oil is expected to fall more to 2,298 ringgit per tonne, as it has broken below a support at 2,328 ringgit.
The support was provided by the 76.4 percent Fibonacci projection level of a downward wave 3, which started at the July 7 high of 2,424 ringgit.
The next support will be at 2,298 ringgit, the 100 percent projection level, a break below which will open the way towards 2,250 ringgit, the 138.2 percent level.
A sudden surge above 2,328 ringgit will indicate a false break below this level, and a rebound target at 2,346 ringgit, the 61.8 percent level, will be established.
The views expressed are his own.
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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