Palm oil to fall to 3,212 ringgit/T

SINGAPORE: Malaysian palm oil will fall to 3,212 ringgit per tonne, as indicated by a Fibonacci retracement.

The contract has completed a five-wave cycle on the rise from the Feb. 2 low of 3,036 ringgit to 3,321 ringgit, and a Fibonacci retracement analysis reveals an immediate target at 3,212 ringgit, the 38.2 percent level.

A further dip to 3,179 ringgit, the 50 percent level, is likely if the support at 3,212 ringgit fail to stop the fall.

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