Palm oil target lowered to 3,037 ringgit/T

SINGAPORE: A bearish target for Malaysian palm oil has been modified to 3,037 ringgit from the previous 3,050 ringgit per tonne as indicated by a head-and-shoulders pattern.

Based on the price difference between the head and the neckline, palm oil is expected to pierce below 3,050 ringgit, the 61.8 percent Fibonacci retracement on the rise from 2,914 ringgit to 3,270 ringgit.

A rebound from the current level will be limited to 3,135 ringgit.

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