Friday 29 Mar 2024
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SINGAPORE (Feb 15): Palm oil may test a resistance at RM3,089, as it has managed to stay above a support at RM3,014 per tonne. The support and the resistance are provided respectively by the 86.4% and the 100 Fibonacci projection levels of an upward wave C from the Oct 6, 2016 low of RM2,538. The correction from the Dec 19 high of RM3,202 could be ending. It has been shaped into a wedge, which comprises five waves. The fifth wave labelled e failed to break a support at RM3,014 again. This failure follows the preceding two encountered by the wave a and the wave c. A triple-bottom seems to be forming around RM3,014, a break below which could cause a loss to RM2,959.

(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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