Palm oil to rise to 3,322 ringgit/T

SINGAPORE: Malaysian palm oil will rise more to 3,322 ringgit per tonne, driven by wave "5".

This wave will be the final part of a five-wave cycle that started at the Feb. 2 low of 3,036 ringgit, and based on a Fibonacci projection level, it is capable of traveling to the 161.8 percent level at 3,322 ringgit.

After the price reaches 3,332 ringgit, a deep retracement will start, driving palm oil down to an immediate target at 3,292 ringgit, the 138.2 percent projection level.

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