Palm oil may retrace to RM2,406
SINGAPORE: Malaysian palm oil faces resistance at RM2,449 per tonne and may retrace to RM2,406.
Resistance is provided by the 50 per cent Fibonacci projection level of an upward wave C which started at the September 26 low of RM2,267. Palm oil opened with a gap on Monday and may fill this gap by retracing to the 38.2 per cent retracement at RM2,353.
A rise to RM2,461 could confirm a break above resistance, and the next resistance at RM2,491 will be targeted.-- Reuters