Friday 29 Mar 2024
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SINGAPORE (Feb 10): Palm oil may break a resistance at 3,128 ringgit per tonne, and gain more to the next resistance at 3,169 ringgit, as suggested by its wave pattern and a Fibonacci projection analysis. 

These resistances are identified respectively as the 107% and the 114.6% Fibonacci projection levels of an upward wave C, from the Oct 6, 2016 low of 2,538 ringgit.

Palm oil failed to break 3,128 ringgit at its first attempt, but may succeed in the current attempt. A break above 3,169 ringgit will confirm the extension of the wave C. Support is at 3,089 ringgit, a break below which could open the way towards 3,014 ringgit. - by Wang Tao, Reuters

(Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. 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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