02.03.2021 (www.brecorder.com) -

• A projection analysis on the uptrend from 3,210 ringgit reveals a realistic target zone of 3,466-3,545 ringgit range.

SINGAPORE: Palm oil may fall into a range of 3,466 ringgit to 3,545 ringgit per tonne, as it could have completed a rally from the Jan. 20 low of 3,160 ringgit.

The rally was driven by a wave B, the second wave of a big flat developing from the Jan. 6 high of 3,888 ringgit.

This pattern consists of three waves that are roughly equal in length.

The wave C has started, unfolding towards 3,160 ringgit.

A projection analysis on the uptrend from 3,210 ringgit reveals a realistic target zone of 3,466-3,545 ringgit range.

A bounce from the current level may be limited to 3,752 ringgit. On the daily chart, a rising wedge is completing. The big black candlestick forming on Tuesday suggests a further fall on Wednesday.

Over the next two weeks, the contract may retreat towards 3,136 ringgit.

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.

https://www.brecorder.com/news/40069334/palm-oil-may-fall-into-3466-3545-ringgit-range