Palm oil to fall to 2,881 ringgit/T

SINGAPORE: Malaysian palm oil will fall further to 2,881 ringgit per tonne, as a rebound that started from the Oct. 6 low of 2,754 ringgit has completed.

A Fibonacci retracement on the rise from 2,754 ringgit to 3,007 ringgit has revealed a target at 2,881 ringgit, the 50 percent level, which is also pointed by the lower channel line of a rising channel.

Resistance is at 2,975 ringgit, a rise above which will violate the bearish outlook.

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