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Thursday, August 11, 2022

Palm oil to retest support at 2,017 ringgit

Palm oil to retest support at 2,017 ringgitSINGAPORE: Palm oil may retest a support at 2,017 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.

The contract is riding on a wave 5, one of the component waves of a bigger wave C, which is the third wave of a three-wave cycle that developed from the June 8 high of 2,362 ringgit.

A big part of the wave C has been developing within a narrow channel, the lower channel line of which indicates a target at 1,963 ringgit, the 223.6 percent level. A more realistic target could be 2,017 ringgit, the 186.4 percent level.

Resistance is at 2,052 ringgit, a break above which could lead to a gain to 2,086 ringgit, the 138.2 percent level.

Copyright Reuters, 2015

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