SINGAPORE: Malaysian palm oil is expected to fall to 2,818 ringgit per tonne, as it faces a strong resistance at 2,863 ringgit.
Its jump to a high at 2,865 ringgit is labeled as a wave "c", the second upward leg of a rebound from the Oct. 6 low of 2,754 ringgit, and based on a Fibonacci projection analysis, the maximum high for this wave "c" will be 2,863 ringgit, the 161.8 percent level.
The anticipated fall may not be prompt, as the contract is also allowed to hover around 2,863 ringgit on Wednesday.
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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