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Palm oil to retrace to 2,017 ringgit

Palm oil to retrace to 2,017 ringgitSINGAPORE: Palm oil faces a resistance at 2,052 ringgit per tonne and may retrace to a support at 2,017 ringgit.

The resistance and the support are provided respectively as the 161.8 percent and the 186.4 percent Fibonacci projection levels of a bigger wave C, the third wave of a three-wave cycle that developed from the June 8 high of 2,362 ringgit.

A break above 2,052 ringgit will open the way towards the next resistance at 2,086 ringgit, the 138.2 percent level, while a break below 2,017 ringgit will cause a loss to the 200 percent level at 1,997 ringgit.

Copyright Reuters, 2015

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