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Technicals Palm oil to test support at RM2,370
by Cals Thu 10 Dec 2015, 22:29
- Technicals
[size=28]Palm oil to test support at RM2,370
By Reuters / Reuters | December 10, 2015 : 12:23 PM MYTSINGAPORE (Dec 10): Palm oil is expected to test a support at RM2,370 per tonne, a break below which could cause a loss to the next support at RM2,349.
These supports are identified respectively as the 38.2% and the 50% Fibonacci retracements on the rise from the Oct 27 low of RM2,260 to RM2,438.
The drop from RM2,438 consists of three waves and the third wave labelled c may travel a similar distance as the first wave labelled a, to arrive at RM2,349.
Resistance is at RM2,396, a break above which could lead to a gain to RM2,412, the 14.6% level.
(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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