Thursday, 20 August 2015 10:33
SINGAPORE: Palm oil may drop to 1,997 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a wave (5), 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, which is the bottom of the preceding wave (3).
The support at 2,017 ringgit, the 186.4 percent level, has been briefly pierced and may be broken on Thursday. A bounce from the current level could be limited to 2,031 ringgit, the 176.4 percent level.
