Palm oil still targets 5,094 ringgit per tonne, as suggested by its wave pattern.
The contract is riding on a wave 5, which is supposed to travel above the peak of the preceding wave 3 at 5,053 ringgit.
A retracement analysis on the fall from 5,220 ringgit reveals a resistance at 5,001 ringgit, around which a consolidation is ongoing.
As along as the contract hovers above 4,962 ringgit, the target at 5,094 ringgit will remain intact.
Dekel Agri-Vision PLC (LON:DKL) aspires to become a leading agro-industrial company in West Africa, one that creates value for shareholders whilst at all times placing the interests of the local communities and environment in which it operates in at the heart of its operations.
