SINGAPORE (Nov 11): Palm oil may rebound further to 2,253 ringgit, as it has climbed above a resistance at 2,225 ringgit.
The resistance was formed around the 50 percent Fibonacci retracement on the rise from the Oct. 16 low of 2,104 ringgit to the Nov. 3 high 2,345 ringgit. The next resistance will be at 2,253 ringgit, the 38.2 percent level, a break above which could trigger a further gain to 2,288 ringgit, the 23.6 percent level.
A sudden slide below 2,225 ringgit, now a support, could signal the completion of the rebound from the Nov. 7 low of 2,193 ringgit.
** 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. **