Thursday 28 Mar 2024
By
main news image

SINGAPORE (Oct 31): Palm oil is biased to retest a resistance at 2,822 ringgit per tonne, a break above which could lead to a gain to the next resistance at 2,852 ringgit.

These resistances are identified respectively as the 50% and the 61.8% Fibonacci projection levels of a wave c, the third wave of a three-wave cycle from the Oct 6 low of 2,538 ringgit.

This wave is capable of at least traveling to 2,852 ringgit. At its full capacity, it may extend to 2,952 ringgit. The correction triggered by the resistance at 2,822 ringgit seems to be shaped into a wedge, which could turn out to be a bullish continuation pattern.

Support is at 2,753 ringgit, a break below which could cause a loss to 2,729 ringgit. - by Wang Tao, Reuters

(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