SINGAPORE (Nov 10): Palm oil may fall to 2,180 ringgit per tonne, as indicated by a Fibonacci retracement analysis.
A three-wave cycle rising from the Sept. 2 low of 1,914 ringgit has completed, and the Fibonacci retracement analysis on the cycle reveals the downtrend from the Nov. 3 high of 2,345 ringgit has extended below the support at 2,243 ringgit, the 23.6 percent level.
The next support will be at 2,180 ringgit, the 38.2 percent level, a break below which will lead to a further loss to 2,130 ringgit, the 50 percent level.
** 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. **