SINGAPORE: A bearish target of 3,100 ringgit for Malaysian palm oil is unchanged, as indicated by its wave pattern and a rising channel.
The contract has completed an "a-b-c" corrective wave cycle, with the wave "c" having peaked at the Nov. 15 high of 3,209 ringgit. A Fibonacci projection analysis reveals that the wave "c" failed to surge further after briefly piercing the 100 percent level at 3,167 ringgit.
If the price reaches 3,100 ringgit, it will open the way towards 3,000 ringgit, a target pointed by the lower channel line of a rising channel.
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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