Palm oil fall back to 2,822 ringgit/T

SINGAPORE: Malaysian palm oil will revisit the previous trading session's low of 2,822 ringgit per tonne as it will continue a short-term downtrend that started at the Oct. 17 high of 2,946 ringgit.

The rise from 2,822 ringgit has only extended a wave (2) rebound by developing a wave "c", which is believed to have peaked at 2,903 ringgit.

The contract could have started a downward wave (3), capable of traveling below the trough of the wave (1) at 2,817 ringgit.

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