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Technicals Palm oil to test resistance at 2,218 ringgit

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Technicals Palm oil to test resistance at 2,218 ringgit Empty Technicals Palm oil to test resistance at 2,218 ringgit

Post by Cals Mon 06 Apr 2015, 19:20

Technicals
Palm oil to test resistance at 2,218 ringgit




By Reuters / Reuters   | April 6, 2015 : 10:54 AM MYT   

SINGAPORE (April 6): Palm oil is expected to test a resistance at 2,218 ringgit per tonne, a break above which will lead to a further gain to 2,253 ringgit.

The resistance is at the 61.8 percent Fibonacci retracement on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit. This barrier has triggered a consolidation which has been shaped into a triangle.

The pattern has been confirmed as bullish, since its upper trendline has been broken. It points a target at 2,253 ringgit, the 50 percent level.

Support is at 2,180 ringgit, a break below which could cause a further loss to 2,146 ringgit, the 86.4 percent level. - Reuters
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