SINGAPORE, Oct. 13 (Reuters) - Malaysian palm oil <KPOc3> may fail a retracement target at 2,847 ringgit per tonne, as the uptrend is steady.
The 21-period moving average on the 30-minute chart served as a good support for a retracement last Friday, and it may work well again for the current correction.
A Fibonacci retracement analysis on the rise from 2,753 ringgit to 2,940 ringgit marks the 38.2 percent level at 2,869 ringgit, which could be the ultimate correction depth.
A rise above 2,930 ringgit would confirm the resumption of the uptrend.
In the last 3 days we have seen twice that KPO has touch the 2930 mark and is not able to break it, or sustain at such level.
ReplyDeleteThus this indicates that it is the limit with the current fundamentals or we are waiting for some new news to come in?