17/03/2012 (Malaysian Insider) - Malaysian palm oil is struggling around a resistance at RM3,398 per tonne, and may continue to hover around this level for one trading session.

The resistance sits on the 61.8 per cent Fibonacci projection level of a wave (3), blocking the way towards RM3,440, the 76.4 per cent level.

It seems palm oil has devoted a lot of the bullish momentum to climb above this level, so it may not be able to keep rising.

Strategically, a break above a weak resistance at RM3,418 is needed to confirm the target at RM3,440. — Reuters