SINGAPORE: Malaysian palm oil is expected to revisit the Nov. 30 low of 3,011 ringgit per tonne, as a rebound from this level has completed.
A downtrend that started at the Nov. 18 high of 3,270 ringgit is steady, that explains why the rebound was so weak that it failed a resistance at 3,072 ringgit, the 23.6 percent Fibonacci retracement on the fall from 3,270 ringgit to 3,011 ringgit.
A rise above 3,072 ringgit will extend to 3,110 ringgit, the 38.2 percent level.
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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