Monday, 07 September 2015 12:53
SINGAPORE: Palm oil is expected to fall to 1,963 ringgit per tonne, as it has broken a support at 2,024 ringgit.
The support was provided by the 38.2 percent Fibonacci retracement on the fall from the July 3 high of 2,285 ringgit to the Aug. 25 low of 1,863 ringgit. The next support will be at 1,963 ringgit, the 23.6 percent level.
A falling trendline from 2,285 ringgit remains intact, signalling the downtrend from this level keeps steady. The wave pattern also suggests that a five-wave cycle from the June 8 high of 2,362 ringgit has not completed and may eventually extend below 1,863 ringgit.
