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Technicals Palm oil biased to rise to 2,293 ringgit
by Cals Fri 03 Jul 2015, 01:38
Technicals
Palm oil biased to rise to 2,293 ringgit
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By Reuters / Reuters | July 2, 2015 : 12:26 PM MYT
SINGAPORE (July 2): Palm oil is biased to rise to a resistance at 2,293 ringgit per tonne, as it seems to have stabilised around a support at 2,216 ringgit.
The resistance and the support are identified respectively as the 23.6 percent and the 50 percent Fibonacci retracements on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit. Around the support, a small double-bottom could have been developing.
A break above 2,293 ringgit could lead to a gain to 2,319 ringgit, the 14.6 percent level, while a drop to 2,236 ringgit may be extended to 2,216 ringgit. - by Wang Tao, Reuters
[size=12]** 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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Palm oil biased to rise to 2,293 ringgit
[You must be registered and logged in to see this image.]
By Reuters / Reuters | July 2, 2015 : 12:26 PM MYT
SINGAPORE (July 2): Palm oil is biased to rise to a resistance at 2,293 ringgit per tonne, as it seems to have stabilised around a support at 2,216 ringgit.
The resistance and the support are identified respectively as the 23.6 percent and the 50 percent Fibonacci retracements on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit. Around the support, a small double-bottom could have been developing.
A break above 2,293 ringgit could lead to a gain to 2,319 ringgit, the 14.6 percent level, while a drop to 2,236 ringgit may be extended to 2,216 ringgit. - by Wang Tao, Reuters
[size=12]** 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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