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Wednesday, August 17, 2022

Palm oil targets 1,963-1,997 ringgit range

Palm oil targets 1,963-1,997 ringgit rangeSINGAPORE: Palm oil may break a support at 2,017 ringgit per tonne and fall more into a range of 1,963-1,997 ringgit.

The support is provided by the 186.4 percent Fibonacci projection level of a downward wave C, the third wave of a three-wave cycle that developed from the June 8 high of 2,362 ringgit.

Palm oil failed to break the support twice, but may succeed in its current attempt. The next support will be at 1,997 ringgit, the 200 percent level, a break below which will lead to a loss to the 223.6 percent level at 1,963 ringgit.

Resistance is at 2,052 ringgit, the 161.8 percent level, only a break above which could signal the completion of the wave C.

Copyright Reuters, 2015

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