Palm oil to retrace further to 3,084 ringgit/T

Friday, 10 February 2012 10:45

SINGAPORE: Malaysian palm oil will retrace further to 3,084 ringgit per tonne as it has completed a rebound from the Feb. 2 low of 3,036 ringgit.

The rebound failed a strong resistance at 3,165 ringgit -- the 61.8 percent Fibonacci retracement on the fall from 3,244 ringgit to 3,036 ringgit, signaling the preceding fall could have resumed.

A Fibonacci retracement analysis on the rise from 3,036 ringgit to 3,162 ringgit points an immediate target at 3,084 ringgit, the 61.8 percent level.

A surge above 3,165 ringgit will extend to 3,190 ringgit, the peak of the wave "b".

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.