SINGAPORE: Malaysian palm oil will retreat to 3,133 ringgit ringgit per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle could have completed on the rise from 2,914 ringgit to 3,268 ringgit, marking the end of a wave "c" at the same time, and a Fibonacci retracement analysis points to the 38.2 percent level as an immediate target.
The 3,133 ringgit level also serves as a support, a fall below which will extend to 3,091 riggit.
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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