SINGAPORE: Malaysian palm oil faces a support at 3,176 ringgit per tonne, and only a break below it could trigger a further fall to 3,140 ringgit.
Following the completion of a five-wave cycle rise from 2,971 ringgit to 3,244 ringgit, a retracement has started towards 3,140 ringgit, the 38.2 percent Fibonacci retracement level.
The moderate rebound from the Jan. 6 low of 3,176 ringgit has temporarily violated the retracement.
Resistance is at 3,235 ringgit, a rise above which will be capped at the Nov. 18, 2011 high of 3,270 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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