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Technicals Palm oil may rise to 2,614 ringgit

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Technicals Palm oil may rise to 2,614 ringgit

Post by Cals Sat 12 Mar 2016, 00:15

Technicals

[size=28]Palm oil may rise to 2,614 ringgit

By Reuters / Reuters | March 11, 2016 : 11:50 AM MYT

SINGAPORE (March 11): Palm oil may test a resistance at 2,595 ringgit per tonne, a break above which could lead to a gain to the next resistance at 2,614 ringgit.

These resistances are identified respectively as the 100% and 123.6% Fibonacci projection levels of an upward wave c, the third wave of a three-wave cycle from the March 3 low of 2,470 ringgit.

The contract has broken the trendline falling from the Feb 15 high of 2,648 ringgit, suggesting a reversal of the trend.

A drop from the current level could be a pullback towards the trendline and may be limited to 2,576 ringgit, the 76.4% level. - 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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Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

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