SINGAPORE: Malaysian palm oil faces a resistance at 3,014 ringgit per tonne, and only a break above it could open the way towards 3,087 ringgit.
The resistance is the 100 percent Fibonacci projection level of a wave "c" target, and it is not certain now if the wave "c" will be able to travel beyond the 3,014 ringgit level, to arrive at 3,087 ringgit, the 138.2 percent level.
Retracement from the current level is expected to be shallow, limited to 2,960 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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