SINGAPORE: Palm oil is expected to rise to 2,223 ringgit per tonne, as it has broken a resistance at 2,178 ringgit.
The resistance was identified as the 14.6 percent Fibonacci retracement on the rise from the Sept. 2 low of 1,914 ringgit to the Oct. 1 high of 2,223 ringgit. The next resistance will be at 2,223 ringgit.
Wave pattern suggests that palm oil is riding on a (c), which is likely to travel a similar distance as the preceding wave a that developed from the Sept. 2 low of 1,914 and peaked at 2,223 ringgit. This likelihood indicates palm oil has a better chance of rising above 2,223 ringgit.
Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Comments
Comments are closed.