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Technicals Palm oil to seek support at 2,764 ringgit

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Technicals Palm oil to seek support at 2,764 ringgit Empty Technicals Palm oil to seek support at 2,764 ringgit

Post by Cals Fri 14 Mar 2014, 12:52

Technicals Palm oil to seek support at 2,764 ringgit
Business & Markets 2014
Written by Reuters   
Friday, 14 March 2014 12:08

SINGAPORE (March 14): Malaysian palm oil is expected to seek support at 2,764 ringgit per tonne, and resume its uptrend from around this level thereafter.
Support has been provided by the 38.2 percent retracement on the rise from the Jan. 28 low of 2,519 ringgit to the March 11 high 2,916 ringgit. It may serve as a limit to the current wave 4 correction.
This wave is expected to be totally reversed by an upward wave 5, which is capable of travelling far above 2,916 ringgit, to arrive at 3,041 ringgit, the 100 percent projection level. - Reuters 
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