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Technicals Palm oil may retest support at 2,219 ringgit
by Cals Mon 16 Nov 2015, 21:26
- Technicals
[size=28]Palm oil may retest support at 2,219 ringgit
By Reuters / Reuters | November 16, 2015 : 12:53 PM MYTSINGAPORE (Nov 16): Palm oil may retest a support at 2,219 ringgit per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a wave C, the third wave of a three-wave cycle from the Sept 29 high, 2,460 ringgit. This wave has a minimum target of 2,233 ringgit and a maximum target of 2,140 ringgit, respectively the 61.8% and the 100% projection levels.
The support at the 38.2% level of 2,291 ringgit has caused a bounce which may end around the resistance at 2,348 ringgit, the 14.6% level. A break above the resistance could lead to a further gain to 2,384 ringgit. - by Wang Tao, Reuters
(Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.)
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