SINGAPORE: A bearish target at 3,134 ringgit per remains intact for Malaysian palm oil as suggested by a Fibonacci retracement analysis and the RSI indicator.
A Fibonacci retracement analysis on the rise from the Nov. 1 low of 2,914 ringgit to 3,270 ringgit reveals a target at 3,134 ringgit, the 38.2 percent level. A fall below this will extend to 3,092 ringgit, the 50 percent level.
The completion of a five-wave cycle on the rise from 2,914 ringgit to 3,270 ringgit has been confirmed by a bearish divergence on the hourly RSI indicator, suggesting palm oil is technically very weak.
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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