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Technicals Palm oil may rise to 2,776 ringgit

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Technicals Palm oil may rise to 2,776 ringgit

Post by Cals Wed 23 Mar 2016, 05:26

Technicals

[size=28]Palm oil may rise to 2,776 ringgit

By Reuters / Reuters | March 22, 2016 : 12:40 PM MYT

SINGAPORE (March 22): Palm oil is expected to test a resistance at 2,729 ringgit per tonne, with a good chance of breaking above this level and rising more to the next resistance at 2,776 ringgit.

These resistances are identified respectively as the 186.4% and the 200% Fibonacci projection levels of an uptrend from the Sept 21, 2015 low of 2,088 ringgit, based on the preceding rise from the Aug 25, 2015 low of 1,863 ringgit to the Sept 15, 2015 high of 2,207 ringgit.

Support is at 2,645 ringgit, the 161.8% level, a break below which could cause a loss to the 150% level at 2,604 ringgit.- 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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