SINGAPORE: A bearish target at 2,881 ringgit per tonne is unchanged for Malaysian palm oil as a rebound that started from the Oct. 6 low of 2,754 ringgit per tonne has completed.
The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" having roughly traveled the same length as the wave "a".
A Fibonacci retracement analysis on the rise from 2,754 ringgit to 3,007 ringgit points to a target at 2,881 ringgit, the 50 percent level, a fall below which will extend to 2,822 ringgit, the Oct. 20 low.
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.
Comments
Comments are closed for this article.