SINGAPORE: Malaysian palm oil is expected to fall to 2,776 ringgit per tonne, as a long-term downtrend has resumed after a rebound from the Oct. 6 low of 2,754 ringgit.
The rebound completed around a strong resistance at 2,921 ringgit, the 50 percent Fibonacci retracement on the fall from 3,087 ringgit to 2,754 ringgit, and a rebound from the current level will be limited to 2,881 ringgit, the 38.2 percent level.
A fall below 2,776 ringgit will extend to 2,754 ringgit.
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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