Palm oil may revisit Jan. 28 low of 2,575 ringgit per tonne

• The contract is riding on a wave C from 2,895 ringgit, which is capable of travelling into a range of 2,321-2,540 ringgit, formed by the 100pc and 61.8pc projection levels.
• A sudden rise above 2,678 ringgit, now a resistance, may lead to a gain limited to 2,760 ringgit.

SINGAPORE: Palm oil may revisit its Jan. 28 low of 2,575 ringgit per tonne, as suggested by its wave pattern and a Fibonacci ratio analysis.

The contract is riding on a wave C from 2,895 ringgit, which is capable of travelling into a range of 2,321-2,540 ringgit, formed by the 100pc and 61.8pc projection levels.

A retracement analysis on the uptrend from 1,916 ringgit to 3,149 ringgit reveals a target at 2,533 ringgit, as it has broken the 38.2pc level of 2,678 ringgit.

A sudden rise above 2,678 ringgit, now a resistance, may lead to a gain limited to 2,760 ringgit.