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Technicals Palm oil to fall into $2,094-$2,124 ringgit range

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Technicals Palm oil to fall into $2,094-$2,124 ringgit range Empty Technicals Palm oil to fall into $2,094-$2,124 ringgit range

Post by Cals Fri 15 Aug 2014, 00:48

Technicals Palm oil to fall into $2,094-$2,124 ringgit range
Business & Markets 2014
Written by Reuters   
Thursday, 14 August 2014 11:49

SINGAPORE (Aug 14): Palm oil is expected to fall more into a range of 2,094-2,124 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a wave v, the fifth wave of a five-wave cycle that developed from the Aug. 4 high of 2,270 ringgit. This cycle makes up a bigger wave 5.
A Fibonacci projection analysis based on the length of the wave 1 that started at the June 25 high of 2,511 ringgit reveals the target zone formed by the 261.8 percent and the 238.2 percent levels of the wave 3. These two waves are in the same degree to the wave 5. A descending trendline points the zone, as well. - Reuters 
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