SINGAPORE: Malaysian palm oil is expected to extend its loss to 3,050 ringgit per tonne, as indicated by a head-and-shoulders pattern and a Fibonacci retracement analysis.
The pattern has been confirmed as its neckline of 3,154 ringgit was broken below, and a measured target will be at 3,050 ringgit, the 61.8 percent Fibonacci retracement on the rise from 2,914 ringgit to 3,270 ringgit.
The 50 percent retracement at 3,092 ringgit provides a temporary support, which may trigger a minor rebound limited to 3,127 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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