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Technicals Palm oil may test support at 2,168 ringgit
by Cals Sun 26 Jul 2015, 02:57
Technicals
Palm oil may test support at 2,168 ringgit
SINGAPORE (July 24): Palm oil may test a support at 2,168 ringgit per tonne, a break below which could lead to a loss to 2,154 ringgit.
The recent fluctuation of the contract has been controlled by various Fibonacci retracements on the fall from the July 3 high of 2,285 ringgit to the July 8 low of 2,132 ringgit. It reveals palm oil is approaching the 23.6 percent level at 2,168 ringgit.
A fall to 2,160 ringgit could confirm both a break below 2,168 ringgit and the target at 2,154 ringgit. A further bounce from the current level could be limited to 2,185 ringgit, a resistance provided by the trendline rising from 2,132 ringgit. - by Wang Tao, Reuters
** 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 may test support at 2,168 ringgit
SINGAPORE (July 24): Palm oil may test a support at 2,168 ringgit per tonne, a break below which could lead to a loss to 2,154 ringgit.
The recent fluctuation of the contract has been controlled by various Fibonacci retracements on the fall from the July 3 high of 2,285 ringgit to the July 8 low of 2,132 ringgit. It reveals palm oil is approaching the 23.6 percent level at 2,168 ringgit.
A fall to 2,160 ringgit could confirm both a break below 2,168 ringgit and the target at 2,154 ringgit. A further bounce from the current level could be limited to 2,185 ringgit, a resistance provided by the trendline rising from 2,132 ringgit. - by Wang Tao, Reuters
** 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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