Wednesday, 19 August 2015 10:12
SINGAPORE: Palm oil may break a support at 2,017 ringgit per tonne and fall further towards the next support at 1,997 ringgit, driven by a wave (5).
This is the fifth wave of a bigger wave C, which is the third leg of a three-wave cycle that developed from the June 8 high of 2,362 ringgit. The wave (5) may travel to the Aug. 13 low of 1,958 ringgit.
A Fibonacci projection analysis on the target of the wave C reveals an immediate support at 2,017 ringgit, the 186.4 percent level, which may not hold the fall towards the 200 percent level at 1,997 ringgit.
