SINGAPORE – Crude palm oil (CPO) price is estimated will increase to 2.253 ringgit per ton, because it has broke the resistance of 2.225 ringgit per ton.
Quoted from Business Recorder, on Tuesday (18/11/2014), the resistance in Fibonacci retracement is increases by 50% from 16th October, from 2.104 ringgit to 2,345 ringgit on 3rd November. While the next resistance will be in 38,2 percent level as 2,253 ringgit.
While the wave-pole shows CPO price increases in C wave, the third wave of three waves developed from 2.104 ringgit. The wave is expected will rebound the last wave that dropped by 2,345 ringgit. (T3)
