SINGAPORE: Malaysian palm oil will fall more to 3,116 ringgit per tonne, as indicated by a Fibonacci retracement analysis and a channel technique.
The retracement analysis on the rise from 2,971 ringgit to 3,205 ringgit reveals that palm oil is yet to correct to the 38.2 percent level at 3,166 ringgit.
The contract has slipped into a new price range of 3,116-3,180 ringgit, defined by the lowest channel, which is duplicated from upper channels.
A moderate rebound to 3,180 ringgit is likely before the target at 3,116 ringgit is touched.
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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