SINGAPORE: Palm oil code has changed and it may hover around a support at 2,211 ringgit per tonne, or rebound to 2,230 ringgit. It was indicated by a Fibonacci retracement analysis.
The support is provided by the 38.2 percent Fibonacci retracement on the rise from the Sept. 2, 2014 low of 1,914 ringgit to the Jan. 15 high of 2,394 ringgit. It is strengthened by another support at 2,214 ringgit, the 14.6 percent Fibonacci retracement on the fall from the Feb. 10, 2011 high of 3,967 ringgit to1,914 ringgit.
These two supports may work together to trigger a rebound towards 2,230, the Jan. 23 low close. A drop to 2,202 ringgit may signal a break below the support at 2,211 ringgit, and the 50 percent retracement at 2,154 ringgit, will be targeted.
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