SINGAPORE: A bearish target at 3,139 ringgit per tonne is unchanged for Malaysian palm oil, as indicated by its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle has completed on the rise from 2,971 ringgit to 3,244 ringgit, triggering a correction towards the wave (4) trough at 3,139 ringgit, which is close to 3,140 ringgit, a 38.2 percent retracement level.
Resistance is at 3,224 ringgit, a rise above which will be capped at the Nov. 18, 2011 high of 3,270 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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