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Technicals Palm oil to test support at 2605 ringgit

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Technicals Palm oil to test support at 2605 ringgit Empty Technicals Palm oil to test support at 2605 ringgit

Post by Cals Mon 06 Jan 2014, 14:51

Technicals Palm oil to test support at 2605 ringgit
Business & Markets 2013
Written by Reuters   
Monday, 06 January 2014 11:26

SINGAPORE (Jan 6): Malaysian palm oil has broken below a support at 2,620 ringgit and may test a lower support at 2,605 ringgit per tonne.
The support at 2,620 ringgit was provided by the 38.2 percent Fibonacci retracement on the rise from 2,540 ringgit, an hourly chart low on Dec. 16, 2013, to the Jan. 2 high of 2,669 ringgit.
The next support will be at 2,605 ringgit, the 50 percent retracement, a break below which will open the way towards 2,589 ringgit, the 61.8 percent retracement.
A surge above 2,625 ringgit will indicate a reversal of the short downtrend from 2,669 ringgit. - Reuters 
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