SINGAPORE: Malaysian palm oil is expected to retrace towards 3,318 ringgit per tonne, as a five-wave cycle has completed on the rise from 3,212 ringgit to 3,384 ringgit.
A Fibonacci retracement on the rise reveals a target at the 38.2 percent level, which is around the presumed wave "4" trough.
The 10-minute RSI indicator formed bearish divergence, signalling the exhaustion of the current rally.
A further gain to 3,390 ringgit will open the way towards the April 11 high of 3,454 ringgit.
Wang Tao is a Reuters market analyst for commodities and energy technical. The views expressed are his own.
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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