Friday, 31 July 2015 15:24
SINGAPORE: Palm oil may break a resistance at 2,124 ringgit per tonne and rise more to 2,141 ringgit, following the completion of a wave c.
The resistance is provided by the 150 percent Fibonacci projection level of the wave c, the third wave of a three-wave cycle that developed from the July 14 high of 2,230 ringgit.
The next resistance will be at 2,141 ringgit, the 123.6 percent level, which will be confirmed as a target once palm oil stands above 2,124 ringgit. A drop to 2,113 ringgit may be extended to 2,100 ringgit.
