Palm oil may fall to 3,195 ringgit
- Most likely, the contract would open low around 3,200 ringgit on Friday and then bounce towards 3,537 ringgit.
SINGAPORE: Palm oil may fall to 3,195 ringgit per tonne and fall to 3,195 ringgit, driven by a wave C.
The consolidation above a support at 3,351 ringgit completed, after the bounce triggered by this level was totally reversed. The wave C could have resumed.
This wave is expected to end around 3,195 ringgit.
With the overnight plunge in grains, the wave C has a better chance of extending below 3,195 ringgit, if this key support does not hold.
A break above 3,447 ringgit could confirm an extension of the bounce towards 3,506-3,602 ringgit range. On the daily chart, a retracement analysis and a rising channel also suggests a completion of the fall around 3,200 ringgit.
Most likely, the contract would open low around 3,200 ringgit on Friday and then bounce towards 3,537 ringgit.
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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