Wednesday, 05 August 2015 13:05
SINGAPORE: Palm oil may test a resistance at 2,086 ringgit per tonne, a break above which will lead to a gain to 2,107 ringgit.
The resistance is provided by the 138.2 percent Fibonacci projection level of the wave C, the third wave of a three-wave cycle that developed from the June 8 high of 2,362 ringgit. The next resistance will be at 2,107 ringgit, the 123.6 percent level.
Most likely, palm oil will end its current rebound from the Aug. 4 low of 2,026 ringgit and then retrace towards a support at 2,052 ringgit, the 161.8 percent level.
