Palm oil target lowered to 2,690 ringgit/T

SINGAPORE: A bearish target at 2,718 ringgit per tonne has been lowered to 2,690 ringgit for Malaysian palm oil as it is riding on a fierce wave (3).

Based on a Fibonacci projection analysis, the wave (3) will travel to the 100 percent level, while the target of the 61.8 percent level at 2,781 ringgit seems too conservative, as it was barely missed on Tuesday.

Resistance is at 2,866 ringgit, a break above which may trigger a rebound to 2,927 ringgit.

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