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Technicals Palm oil to consolidate in range of 2,250-2,293
by Cals Mon 29 Jun 2015, 20:51
Technicals
Palm oil to consolidate in range of 2,250-2,293
SINGAPORE (June 29): Palm oil may consolidate in a neutral range of 2,250-2,293 ringgit per tonne for one day before rising again.
The range is formed by the 38.2 percent and the 23.6 percent Fibonacci retracements on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit.
Most likely, palm oil will fall moderately to 2,250 ringgit and then bounce towards 2,293 ringgit. A break below 2,250 ringgit could cause a loss to 2,216 ringgit, the 50 percent level, while a break above 2,293 ringgit could trigger a gain to 2,319 ringgit, the 14.6 percent level. - Reuters
Palm oil to consolidate in range of 2,250-2,293
SINGAPORE (June 29): Palm oil may consolidate in a neutral range of 2,250-2,293 ringgit per tonne for one day before rising again.
The range is formed by the 38.2 percent and the 23.6 percent Fibonacci retracements on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit.
Most likely, palm oil will fall moderately to 2,250 ringgit and then bounce towards 2,293 ringgit. A break below 2,250 ringgit could cause a loss to 2,216 ringgit, the 50 percent level, while a break above 2,293 ringgit could trigger a gain to 2,319 ringgit, the 14.6 percent level. - Reuters
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