SINGAPORE: Malaysian palm oil will consolidate in a range of 3,244 - 3,292 ringgit per tonne, as it has started a wave "4" correction.
The correction was triggered by a resistance at 3,292 ringgit, the 138.2 percent Fibonacci projection level of the wave "3".
The 100 percent projection level at 3,244 ringgit will provide a support, preventing palm oil from dropping further. A break below this level will only result in a limited loss to 3,227 ringgit, the 38.2 percent Fibonacci retracement on the rise from 3,118 ringgit to 3,294 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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