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SINGAPORE: Malaysian palm oil will test the Nov. 18 high of 3,270 ringgit per tonne, as the rise from the Dec. 15 low of 2,971 ringgit has resumed.
The wave pattern on the hourly chart indicates a wave (5) is unfolding towards 3,270 ringgit, as pointed by a trendline passing through the peaks of the wave (1) and the wave (3).
The wave (5) is expected to be sharp, as a result, a retracement from the current level could be limited to 3,200 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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