SINGAPORE, Oct 18 (Reuters) - Malaysian palm oil may retrace further to 2,849 ringgit per tonne based on its wave pattern and a Fibonacci retracement analysis.
A five-wave cycle has completed on the rise from 2,653 ringgit to 2,970 ringgit, and a Fibonacci retracement analysis reveals a possible target for the current retracement at 2,489 - the 38.2 percent level.
Palm oil may also consolidate between 2,880 ringgit and 2,940 ringgit on Monday without rushing towards 2,849, as the wave "4" trough generally provides minor support which may hold up a fall temporarily.
Resistance is at 2,940 ringgit, a rise above which indicates a consolidation would take longer within a wider range between 2,880 ringgit to 2,970 ringgit.
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