Palm oil may drop to 4,956 ringgit

SINGAPORE: Palm oil may drop to 4,956 ringgit per tonne, due to the completion of a five-wave cycle from 4,668 ringgit.

Even though it is generally difficult to pinpoint the peak of the wave 5, there is a strong indication that this wave may end below a resistance at 5,094 ringgit.

The bottom of the wave iv at 4,956 ringgit works as the first target and the 61.8% retracement of 4,865 ringgit the second.

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