SINGAPORE: Malaysian palm oil is expected to fall further to 3,108 ringgit per tonne, as indicated by a double-top and a Fibonacci retracement analysis.
Based on the price difference between the top of the pattern at 3,244 ringgit and the neckline at 3,176 ringgit, palm oil will fall to 3,108 ringgit, exactly the same as the 50 percent Fibonacci retracement on the rise from 2,971 ringgit to 3,244 ringgit.
The 38.2 percent retracement at 3,140 ringgit may trigger a moderate rebound which will be limited to 3,161 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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