The resistance is at the 38.2 percent Fibonacci retracement on the fall from 2,945 ringgit to 2,230 ringgit, and may serve as the ceiling for the rebound, as it's labelled as a wave (3)-4, which is a part of a five-wave cycle starting from the Sept. 4 high of 3,100 ringgit.

A downward wave (3)-5 will develop around 2,503 ringgit, to drive the price towards 2,230 ringgit.

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