Thursday 28 Mar 2024
By
main news image

SINGAPORE (Feb 17): Palm oil is expected to seek a support at RM2,879 per tonne, and then either hover above this level or bounce towards a resistance at RM2,959.

The support and the resistance are provided respectively by the 61.8% and the 76.4 Fibonacci projection levels of an upward wave C from the Oct 6, 2016 low of RM2,538.

The former support at RM3,014 triggered a bounce that lasted more than one month, while the support at RM2,959 was skipped. Chances are the current support may trigger another bounce.

A break below RM2,879 will open the way towards RM2,814.

(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