SINGAPORE (Mar 31): Palm oil may fall to a support at 2,146 ringgit per tonne again, as indicated by a Fibonacci retracement analysis and a triangle.
The support is provided by the 86.4 percent Fibonacci retracement on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit, blocking the way towards 2,106 ringgit.
Forming around this level is a triangle, which looks bearish as it developed after a downtrend. Its upper trendline has established a resistance at 2,200 ringgit, which may end the current weak rebound from the March 30 low of 2,143 ringgit.
A break above 2,200 ringgit may lead to a limited gain to 2,218 ringgit, the 61.8 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
Source : The Edge Markets]]>