Thursday 28 Mar 2024
By
main news image

SINGAPORE (Feb 20): Palm oil may bounce to RM2,914 per tonne, as suggested by its wave pattern, a Fibonacci projection analysis and a falling channel. The contract is riding on a downward wave c, the third wave of a three-wave cycle from the Dec 19, 2016 high of RM3,202. A part of this wave has been unfolding within a channel, which suggests a bounce target at RM2,914, the 138.2% Fibonacci projection level of the wave c. The bounce seems to be driven by a wave iv, one of the component waves of the wave c. The wave iv will be totally reversed by a downward wave v. Support is at RM2,842, a break below which could open the way towards RM2,797.

(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.)

 

      Print
      Text Size
      Share