SINGAPORE: Malaysian palm oil is expected to fall to 3,100 ringgit, as indicated by its wave pattern and the RSI indicator.
An upward wave "c" is peaking, as it slowed immediately after piercing above a resistance at 3,167 ringgit, the 100 percent Fibonacci projection level, based on the length of the wave "a" and the trough of the wave "b" at 2,914 ringgit.
The RSI indicator was unable to touch new highs when the price continued to hit higher highs, suggesting a bearish reversal is near.
The target at 3,240 ringgit has been aborted.
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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