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Technicals Palm oil to test support at 2,220 ringgit

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Technicals Palm oil to test support at 2,220 ringgit Empty Technicals Palm oil to test support at 2,220 ringgit

Post by Cals Mon 11 Aug 2014, 22:56

Technicals Palm oil to test support at 2,220 ringgit
Business & Markets 2014
Written by Reuters   
Monday, 11 August 2014 11:13

SINGAPORE (Aug 11): Palm oil is expected to test a support at 2,220 ringgit per tonne, a break below which will lead to a further loss to 2,202 ringgit.
The contract is riding on a wave 5, which is unfolding towards 2,220 ringgit, the 161.8 percent Fibonacci projection level of a preceding wave 3. The wave 5 may extend below 2,202 ringgit, because it is likely to travel a similar distance as the preceding wave 1.
A rebound from the current level may be limited to 2,250 ringgit, the 138.2 percent level, only a break above which could signal a reversal of the downtrend. - Reuters 
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