<div class=newsTextDataWrapInner><p>SINGAPORE (Nov 20): Palm oil may drop to 2,213 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.</p></div>

<div class=newsTextDataWrapInner><p>The rise from the Nov. 7 low of 2,193 ringgit has been regarded as a three-wave cycle, with the third wave labeled c shorter than the first wave labeled a, as revealed by the Fibonacci projection analysis.</p></div>

<div class=newsTextDataWrapInner><p>This cycle seems to be shaped into a triangle, the lower trendline of which points to a target at 2,213 ringgit, the 14.6 percent projection level. Resistance is at 2,268 ringgit, the 76.4 percent level, a break above which will lead to a further gain to 2,292 ringgit, the 100 percent level.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.</p></div>

<div class=newsTextDataWrapInner><p>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. **</p></div>


SINGAPORE (Nov 20): Palm oil may drop to 2,213 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.

The rise from the Nov. 7 low of 2,193 ringgit has been regarded as a three-wave cycle, with the third wave labeled c shorter than the first wave labele...

Palm oil to drop to 2,213 ringgit

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