SINGAPORE: A rebound in Malaysian palm oil from the Oct. 6 low of 2,754 ringgit per tonne has extended, and the price may rise more to 3,060 ringgit.
One more upward wave, labeled as a wave "e", is progressing towards 3,060 ringgit, a target pointed by the upper channel line of a rising channel.
An alternative wave count suggests the 3,060 ringgit level may not be the eventual peak of the current short-term uptrend which could extend further, with a second wave "c" to travel beyond 3,060 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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