SINGAPORE: Malaysian palm oil will resume a long-term downtrend soon, as the current rebound seems to be weak, with a limit at 2,828 ringgit per tonne.
The rebound from the Oct. 6 low of 2,754 ringgit has been triggered by a support at 2,781 ringgit, the 61.8 percent Fibonacci projection level of a downward wave (3).
However, this wave is far from completion, and the contract is expected to return to its journey towards 2,690 ringgit, the 100 percent projection level.
Support is at 2,772 ringgit, a break below which will confirm a resumption of the downtrend.
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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