SINGAPORE: Palm oil is expected to rise to 2,259 ringgit per tonne, as it has cleared a resistance at 2,222 ringgit.
The resistance was provided by the 38.2 percent Fibonacci projection level of an upward wave C that developed from the Oct. 16 low of 2,104 ringgit. This is the third wave of a three-wave cycle that rose from the Sept. 2 low of 1,914 ringgit.
The next resistance will be at 2,259 ringgit, the 50 percent level, a break above which will lead to a further gain to 2,295 ringgit, the 61.8 percent level.
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.
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