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Palm oil to rebound to 3,119 ringgit/T

SINGAPORE : Malaysian palm oil will rebound to the 3,119 ringgit per tonne level as a "morning star" formed on the daily
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By Shoaib Ur Rehman
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palmSINGAPORE: Malaysian palm oil will rebound to the 3,119 ringgit per tonne level as a "morning star" formed on the daily candlesticks chart.

This pattern is a strong bullish reversal signal, indicating the fall from the Sept 5 high of 3,076 ringgit has been completed and a short-term uptrend is establishing itself.

The contract is riding on an upward wave "C", progressing towards 3,119 ringgit, the 100 percent Fibonacci projection level, based on the length of wave "A".

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.

 

Copyright Reuters, 2011

 

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