Thursday 28 Mar 2024
By
main news image

SINGAPORE (March 31): Palm oil is expected to test a support at RM2,638 per tonne, a break below which could cause a further loss into the range of RM2,591-2,609. The support is provided by the 100% Fibonacci projection level of a downward wave c, the third wave of a bigger wave (5) from the March 6 high of RM2,898. The bullish divergence on the hourly MACD suggests that the support may hold and a bounce may occur. In addition, the wave (5) may eventually develop into an ending diagonal triangle or a so-called falling wedge. Resistance is at RM2,685, a break above which could lead to a gain to RM2,715.

(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