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Technicals Palm oil to drop into 2,099-2,118 ringgit range
by Cals Tue 28 Apr 2015, 02:05
Technicals
Palm oil to drop into 2,099-2,118 ringgit range
SINGAPORE (Apr 27): Palm oil may break support at 2,137 ringgit and fall into a range of 2,099-2,118 ringgit per tonne as indicated by its wave pattern and a Fibonacci projection analysis.
Support is at the 38.2 percent Fibonacci projection level of a downward wave (c), the third wave of a three-wave cycle that developed from the April 6 high of 2,250 ringgit. This wave could travel to 2,039 ringgit, its 100 percent projection level.
Support at 2,137 ringgit looks vulnerable, after palm oil pierced below it. The contract may easily fall into the range formed by the 61.8 percent and the 50 percent projection levels, as the wave (c) has a fierce character.
** 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 drop into 2,099-2,118 ringgit range
SINGAPORE (Apr 27): Palm oil may break support at 2,137 ringgit and fall into a range of 2,099-2,118 ringgit per tonne as indicated by its wave pattern and a Fibonacci projection analysis.
Support is at the 38.2 percent Fibonacci projection level of a downward wave (c), the third wave of a three-wave cycle that developed from the April 6 high of 2,250 ringgit. This wave could travel to 2,039 ringgit, its 100 percent projection level.
Support at 2,137 ringgit looks vulnerable, after palm oil pierced below it. The contract may easily fall into the range formed by the 61.8 percent and the 50 percent projection levels, as the wave (c) has a fierce character.
** 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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