Thursday, 12 November 2015 13:45
SINGAPORE: Palm oil may break a support at 2,319 ringgit per tonne, and fall more towards the next support at 2,232 ringgit, as indicated by its wave pattern and a Fibonacci retracement analysis.
These supports are provided respectively by the 23.6 percent and the 38.2 percent Fibonacci retracements on the uptrend from the Aug. 25 low of 1,863 ringgit to the Sept. 29 high 2,460 ringgit.
The uptrend from the Oct. 27 low of 2,260 ringgit could be broken down into five small waves on the hourly chart, signalling the completion of a three-wave cycle from the Oct. 9 low of 2,216 ringgit.
This cycle could be totally reversed over the next few days.
