SINGAPORE: Malaysian palm oil will fall to 3,140 ringgit per tonne, as a five-wave cycle has completed.
The cycle started at the Dec. 15 low of 2,971 ringgit, with a wave "5" having peaked at Wednesday's high of 3,205 ringgit.
The completion of the cycle has been confirmed by the violation of a rising channel. A duplicated channel indicates palm oil is moving in a price range of 3,140-3,185 ringgit.
A drop below 3,140 ringgit will extend to 3,116 ringgit, the 38.2 percent Fibonacci retracement on the rise from 2,971 ringgit to 3,205 ringgit.
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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