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Friday, March 24, 2023

Palm oil may fall to 2,264 ringgit

Palm oil may fall to 2,264 ringgitSINGAPORE: Palm oil may fall to 2,264 ringgit per tonne, as it has broken a support at 2,319 ringgit.

The support was provided by the 23.6 percent Fibonacci retracement on the uptrend from the Aug. 25 low of 1,863 ringgit to the Sept. 29 high 2,460 ringgit.

The next support will be at 2,264 ringgit, the 50 percent Fibonacci projection level of a downward wave c, which is the third wave of presumed three-wave cycle from 2,460 ringgit.

A break above 2,319 ringgit, now a resistance, could lead to a gain to the 14.6 percent level at 2,373 ringgit.

Copyright Reuters, 2015

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