SINGAPORE: Malaysian palm oil is expected to hover around support at 2,781 ringgit per tonne for one session, before heading to a bearish target at 2,690 ringgit.
The contract is riding on a downward wave (3), unfolding towards 2,690 ringgit, a 100 percent Fibonacci projection level, but the 61.8 percent level at 2,781 ringgit provides support and has temporarily disrupted the progress of this wave.
A fall below 2,754 ringgit will confirm the move to 2,690 ringgit, while a further rebound from the current level will be capped at 2,865 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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