SINGAPORE: Malaysian palm oil will fall more to 3,092 ringgit per tonne, as indicated by a double-top pattern and a Fibonacci retracement analysis.
The pattern has been confirmed, as its neckline support at 3,180 ringgit was broken below.
Based on the price difference between the top at 3,270 ringgit and the neckline at 3,180 ringgit, a measured target has been pinpointed at 3,092 ringgit, the 50 percent Fibonacci retracement on the rise from 2,914 ringgit to 3,270 ringgit.
Resistance is at 3,214 ringgit, a break above which will invalidate the bearish outlook.
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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