SINGAPORE: Malaysian palm oil is expected to end the current exhausted rebound about the Nov. 18 high of 3,270 ringgit per tonne, as the rebound is driven by a final wave (5).
The rebound has adopted a five-wave mode, with the wave (3) having traveled a very long distance, significantly decreasing the chance of a wave (5) extension.
Support is at 3,200 ringgit, a drop below which will signal a bearish reversal of the short-term uptrend and an immediate target will be 3,139 ringgit, the presumed wave (4) trough.
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.
Comments
Comments are closed for this article.