SINGAPORE (March 23): Palm oil is expected to rise to 2,880 ringgit per tonne, as it has cleared a resistance at 2,810 ringgit.

The resistance was provided by the 23.6 percent Fibonacci retracement of the downtrend from the Jan. 18 high of 3,175 ringgit to the March 14 low of 2,697 ringgit.

The next resistance will be at 2,880 ringgit. On the daily chart, an uptrend from the Aug. 25, 2015 low of 1,863 ringgit remains steady, despite the deep correction from the Dec. 16, 2016 high of 3,202 ringgit, as this correction looks like a pullback towards an inverted head-and-shoulders, which suggests a target around 3,670 ringgit. - Reuters