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Technicals Palm oil to test resistance at 2,253 ringgit
by Cals Thu 12 Mar 2015, 00:55
Technicals
Palm oil to test resistance at 2,253 ringgit
By Reuters / Reuters | March 11, 2015 : 10:54 AM MYT
SINGAPORE (Mar 11): Palm oil is expected to test resistance at 2,253 ringgit per tonne, a break above which could lead to further gain to the next resistance at 2,288 ringgit.
These two resistances are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit.
The support at 2,218 ringgit, the 61.8 percent level, triggered the current rebound, which could be weak, to end around 2,253 ringgit, or strong, to extend to 2,288 ringgit.
A break below 2,218 ringgit will open the way towards 2,175 ringgit, the 76.4 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
Palm oil to test resistance at 2,253 ringgit
By Reuters / Reuters | March 11, 2015 : 10:54 AM MYT
SINGAPORE (Mar 11): Palm oil is expected to test resistance at 2,253 ringgit per tonne, a break above which could lead to further gain to the next resistance at 2,288 ringgit.
These two resistances are identified respectively as the 50 percent and the 38.2 percent Fibonacci retracements on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit.
The support at 2,218 ringgit, the 61.8 percent level, triggered the current rebound, which could be weak, to end around 2,253 ringgit, or strong, to extend to 2,288 ringgit.
A break below 2,218 ringgit will open the way towards 2,175 ringgit, the 76.4 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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» Technicals Palm oil to test resistance at 2,218 ringgit
» Technicals Palm oil to test support at 2,220 ringgit
» Technicals Palm oil to test resistance at 2,225 ringgit
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» Technicals Palm oil to test resistance at 2,218 ringgit
» Technicals Palm oil to test support at 2,220 ringgit
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