SINGAPORE: Malaysian palm oil is expected to end its current rebound around a resistance at 2,503 ringgit per tonne, and fall towards 2,230 ringgit.
The resistance is at the 38.2 percent Fibonacci retracement on the fall from 2,945 ringgit to 2,230 ringgit, and may serve as the ceiling for the rebound, as it's labelled as a wave (3)-4, which is a part of a five-wave cycle starting from the Sept. 4 high of 3,100 ringgit.
A downward wave (3)-5 will develop around 2,503 ringgit, to drive the price towards 2,230 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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