SINGAPORE: Malaysian palm oil may fall more to 3,249 ringgit per tonne, based on its wave pattern and a Fibonacci projection analysis.
A downward wave "c", as part of an "a-b-c" corrective wave cycle, is unfolding towards 3,249 ringgit, the 100 percent Fibonacci projection level, based on the length of the wave "a" that started from the Monday high at 3,384 ringgit.
Resistance is at the presumed wave "b" top of 3,342 ringgit, only a rise above which could confirm a resumption of a short-term uptrend.
Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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