Markets
Palm oil to drop to 3,000 ringgit/T
SINGAPORE : Malaysian palm oil is expected to fall to 3,000 ringgit per tonne, as it has completed a consolidation wi
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SINGAPORE: Malaysian palm oil is expected to fall to 3,000 ringgit per tonne, as it has completed a consolidation within an ascending triangle.
The contract opened sharply lower on Monday, indicating the bears have taken full control of the market, and the wave pattern also suggests a completion of a wave "c", which is the final part of a corrective wave cycle labeled as "A-B-C".
Only a rise above 3,083 ringgit could violate the bearish outlook.
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.
Copyright Reuters, 2011
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