SINGAPORE (Jan 16): Palm oil may fall into a range of RM2,103-2,121 per tonne, as suggested by its wave pattern and a projection analysis.
The uptrend from RM1,940 could be well broken down into five waves. Its structure and the drop from the Jan 9 high of RM2,202 suggest a completion of the trend.
A rising trendline suggests a target zone formed by 100% and the 114.6% projections level of an upward wave c from RM1,979.
The bottom of the forth wave labelled d also ended around RM2,103, which may be approached, according to wave theory.
On the daily chart, palm oil could have resumed its downtrend within a falling channel, which suggests an aggressive target around RM1,857, the 138.2% projection level of a downward wave (c). This target may be fulfilled in the first quarter.
(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.)
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
signalmw
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Posted by signalmw > 2019-01-16 10:59 | Report Abuse
everyday 5 send up morning dump 2 sen