SINGAPORE: Malaysian palm oil seems to be forming a temporary bottom around a support at 2,136 ringgit, and may hover above this level for one more trading session.
The support is provided by the 100 percent Fibonacci projection level of a downward wave (3)-3, which started at the July 19 high of 2,302 ringgit. Until this support is broken, the next support at 2,097 ringgit, the 123.6 percent level, will not be targeted.
With regard to the formation of a double-bottom, it is too early to make a conclusion, as this pattern could only be confirmed when palm oil goes above 2,190 ringgit, the presumed wave 4 top.
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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