Palm Oil Technicals from Reuters

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.

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.