Monday, 03 August 2015 11:54
SINGAPORE: Palm oil may break a support at 2,086 ringgit per tonne and fall to the next support at 2,052 ringgit, driven by a powerful wave C.
These two supports are identified respectively as the 138.2 percent and the 161.8 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle that developed from the June 8 high of 2,362 ringgit.
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A drop to 2,080 ringgit may confirm both a break below the support at 2,086 ringgit and the target at 2,052 ringgit. Resistance is at 2,107 ringgit, the 123.6 percent level, a break above which could lead to a gain to 2,141 ringgit, the 100 percent level.
