Bursa Alert
Global Market
NewsTechnicals Palm oil to rise to 2,570 ringgit
Page 1 of 1
Technicals Palm oil to rise to 2,570 ringgit
by Cals Wed 05 Feb 2014, 11:20
Technicals Palm oil to rise to 2,570 ringgit
Business & Markets 2014
Written by Reuters
Wednesday, 05 February 2014 11:00
SINGAPORE (Feb 5): Malaysian palm oil seems to have stabilized around its Jan. 28 low of 2,514 ringgit per tonne, and is expected to test resistance at 2,570 ringgit.
The unexpected fall on Tuesday is considered as a part of a wave b that developed from the Jan. 23 high of 2,595 ringgit. This is the third wave of a three-wave cycle that started at the Jan. 13 low of 2,486 ringgit.
With palm oil opening high today, the third wave labelled c could have started. This wave will totally reverse the wave b. Strategically, the wave c will be confirmed only when palm oil goes above resistance at 2,570 ringgit, which is provided by the trendline descending from the Jan. 2 high of 2,669 ringgit. - Reuters
Business & Markets 2014
Written by Reuters
Wednesday, 05 February 2014 11:00
SINGAPORE (Feb 5): Malaysian palm oil seems to have stabilized around its Jan. 28 low of 2,514 ringgit per tonne, and is expected to test resistance at 2,570 ringgit.
The unexpected fall on Tuesday is considered as a part of a wave b that developed from the Jan. 23 high of 2,595 ringgit. This is the third wave of a three-wave cycle that started at the Jan. 13 low of 2,486 ringgit.
With palm oil opening high today, the third wave labelled c could have started. This wave will totally reverse the wave b. Strategically, the wave c will be confirmed only when palm oil goes above resistance at 2,570 ringgit, which is provided by the trendline descending from the Jan. 2 high of 2,669 ringgit. - Reuters
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» Technicals Palm oil may rise to 2,614 ringgit
» Technicals Palm oil to rise to 2,319 ringgit
» Technicals Palm oil may rise to 2,776 ringgit
» Technicals Palm oil biased to rise to 2,293 ringgit
» Technicals Palm oil may rise to 2,649 ringgit in three months
» Technicals Palm oil to rise to 2,319 ringgit
» Technicals Palm oil may rise to 2,776 ringgit
» Technicals Palm oil biased to rise to 2,293 ringgit
» Technicals Palm oil may rise to 2,649 ringgit in three months
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|