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Monday, October 2, 2023

Palm oil to test support at 2,024 ringgit

Palm oil to test support at 2,024 ringgitSINGAPORE: Palm oil may test a support at 2,024 ringgit per tonne as it has failed to break a resistance at 2,074 ringgit.

The resistance is provided by the 50 percent Fibonacci retracement on the fall from the July 3 high of 2,285 ringgit to the Aug. 25 low of 1,863 ringgit, and the support by 38.2 percent level.

Wave pattern suggests that the gain from 1,863 ringgit has been driven by a wave IV, the fourth wave of a five-wave cycle from the June 8 high of 2,362 ringgit. This wave could have more or less completed and will be totally reversed by a downward wave V.

A break above 2,074 ringgit will lead to a gain to 2,124 ringgit, the 61.8 percent level.

Copyright Reuters, 2015

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