Technicals Palm oil to test resistance at RM2,401
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Technicals Palm oil to test resistance at RM2,401
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[size=28]Palm oil to test resistance at RM2,401
By Reuters / Reuters | December 1, 2015 : 11:40 AM MYTSINGAPORE (Dec 1): Palm oil may test resistance at RM2,401 per tonne, as indicated by a Fibonacci projection analysis and a triangle.
Resistance is provided by the 23.6% Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Aug 25 low of RM1,863. This wave could at least travel to RM2,488, the 38.2% level.
A triangle forming between Sept 29 and Nov 27 has been confirmed as a bullish continuation pattern, following the break above its upper trendline. It suggests a target similar to RM2,488.
Support is at RM2,347, the 14.6% level, a break below which could cause a loss to the 7% level at RM2,302.
(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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