SINGAPORE: The Malaysian palm oil futures third-month contract’s
bearish target at RM2,503 per tonne is shifted to RM2,520, as it touched
a high of RM2,565 today.
The RM2,565 level is almost 76.4 per cent of the Fibonacci level on
the move from RM2,581 to RM2,520.
The technical reading indicates there is a good chance for palm oil
to first test the nearest high on the hourly chart at RM2,581
and then drop to 2,520 again. – Reuters
Source : Business Times
