Friday, 28 August 2015 10:48
SINGAPORE: Palm oil may rise more to 2,024 ringgit per tonne, following the completion of a five-wave cycle.
The cycle started at the July 3 high of 2,285 ringgit. A Fibonacci retracement analysis reveals palm oil has climbed above a resistance at 1,963 ringgit, the 23.6 percent level.
The next resistance will be at 2,024 ringgit, the 38.2 percent level. Indeed, palm oil may rise to 2,074 ringgit, the 50 percent level, which is near the peak of the wave (4) – the fourth component wave of the cycle.
A drop to 1,958 ringgit could indicate the break above 1,963 ringgit was false, and the target at 2,024 ringgit has to be temporarily aborted.
