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Saturday, November 27, 2021

Palm oil targets 1,997 ringgit

Palm oil targets 1,997 ringgitSINGAPORE: Palm oil may break a support at 2,017 ringgit per tonne and fall further towards the next support at 1,997 ringgit, driven by a wave (5).

This is the fifth wave of a bigger wave C, which is the third leg of a three-wave cycle that developed from the June 8 high of 2,362 ringgit. The wave (5) may travel to the Aug. 13 low of 1,958 ringgit.

A Fibonacci projection analysis on the target of the wave C reveals an immediate support at 2,017 ringgit, the 186.4 percent level, which may not hold the fall towards the 200 percent level at 1,997 ringgit.

Copyright Reuters, 2015

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