Bursa Community
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Bursa Community

Bursa Malaysia Stock Forum - Enriching You!


Technicals Palm oil to retest support at 2,142 ringgit

Bursa Community :: Community News

Go down

Technicals Palm oil to retest support at 2,142 ringgit Empty Technicals Palm oil to retest support at 2,142 ringgit

Post by Cals Fri 03 Oct 2014, 18:03

Technicals Palm oil to retest support at 2,142 ringgit
Business & Markets 2014
Written by Reuters   
Friday, 03 October 2014 11:36

SINGAPORE (Oct 3): Palm oil may retest support at 2,142 ringgit per tonne, a break below which will lead to a further loss towards 2,055 ringgit.
Support is provided by the 38.2 percent Fibonacci retracement on the fall from the June 25 high of 2,511 ringgit to the Sept. 2 low of 1,914 ringgit, blocking the way towards the 23.6 percent level at 2,055 ringgit.
The deep fall from the Sept. 30 high of 2,222 ringgit indicates the first leg of the rebound from 1,914 ringgit could be over. The current second leg may further reverse the first leg.
A dip below the Oct. 2 low of 2,137 ringgit will confirm the break below support. - Reuters 
Cals
Cals
Administrator
Administrator

Posts : 25277 Credits : 57721 Reputation : 1766
Male 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 I’️d have been right perhaps as often as seven out of ten times.”
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

Back to top Go down

Back to top

- Similar topics

Bursa Community :: Community News

 
Permissions in this forum:
You cannot reply to topics in this forum