SINGAPORE: Malaysian palm oil is expected to fall below a support at 3,176 ringgit per tonne, to confirm a double-top pattern which will point to 3,108 ringgit.
An exhausted rise from 3,176 ringgit failed to go above the Jan. 3 high of 3,244 ringgit, significantly increasing the chance of the double-top formation.
After the completion of a five-wave cycle on the rise from 2,971 ringgit to 3,244 ringgit, the following retracement was too shallow to be complete, as it has not touched 3,140 ringgit, the 38.2 percent retracement level.
Resistance is at 3,240 ringgit, a rise above which will be extended to 3,270 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.
Comments
Comments are closed for this article.