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Technicals Palm oil neutral in 2,367-2,394 ringgit range
by Cals Wed 13 Jan 2016, 20:02
- Technicals
[size=28]Palm oil neutral in 2,367-2,394 ringgit range
By Reuters / Reuters | January 13, 2016 : 12:41 PM MYTSINGAPORE (Jan 13): Palm oil looks neutral in a range of 2,367-2,394 ringgit per tonne, and an escape will point a direction.
The range is formed by the 76.4% and the 61.8% Fibonacci retracements on the rise from the Dec 15, 2015 low of 2,324 ringgit to the Dec 31, 2015 high of 2,508 ringgit.
A break above 2,394 ringgit could lead to a gain to the 50% level at 2,416 ringgit, while a break below 2,367 ringgit could cause a loss to 2,349 ringgit, the 86.4% level.
The bias could be towards the downside. - 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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