Palm Oil Technicals from Reuters

   

SINGAPORE, Oct. 15 (Reuters) - Malaysian palm oil <KPOc3> is expected to retrace to 2,880 ringgit per tonne, as a bearish engulfing pattern is observed on its daily chart.

The engulfing pattern is one of the typical bearish reversals seen on a candlestick chart. As well, the rally from the Oct. 4 low at 2,653 ringgit could be too sharp not to be followed by a consolidation or retracement.

But the downside may not be limited to 2,880 ringgit, as a gap that formed between 2,808 ringgit and 2,886 ringgit could be partially filled as well.

Resistance is at 2,948 ringgit, a rise above which would open the way to 2,980.

Palm Oil Technicals from Reuters

 SINGAPORE, Oct. 12 (Reuters) - Malaysian palm oil is expected to retrace to 2,847 ringgit a tonne, as a gap formed on Monday is likely to be partially filled.

The surge on Monday could be too sharp not to be followed by a mild consolidation or retracement, as a profit-taking action could make a further gain from the current level unlikely.

A Fibonacci retracement analysis on the rise from 2,753 ringgit to 2,940 ringgit reveals a possible correction depth at 2,847 ringgit, the 50 percent level.

A rise above 2,950 ringgit would extend its gain to 2,994 ringgit.

Palm Oil Technicals from Reuters

      

SINGAPORE, Oct 7 (Reuters) - A bullish target at 2,750 ringgit per tonne for Malaysian palm oil <KPOc3> is intact as an upward wave "5" is yet to develop.

The current consolidation is regarded as a wave "4" correction which may be limited to 2,706 ringgit, the 38.2 percent Fibonacci retracement level on the rise from 2,660 ringgit to 2,735 ringgit.

A fall below 2,706 ringgit would push prices down to 2,698 ringgit, the 50 percent Fibonacci retracement level.