SINGAPORE: Malaysian palm oil will break resistance at 2,941 ringgit per tonne and head towards 3,014 ringgit.
A relabeling of the wave pattern on the rise from Oct. 6 low of 2,754 ringgit indicates the contract is riding on a wave "c", progressing towards 3,014 ringgit, a 100 percent Fibonacci projection level.
The resistance at 2,941 ringgit, a 61.8 percent projection level, has to be cleared before the rise to 3,014 ringgit is confirmed.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. 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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