Technicals Palm oil to test resistance at RM2,716
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Technicals Palm oil to test resistance at RM2,716
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[size=28]Palm oil to test resistance at RM2,716
By Reuters / Reuters | April 19, 2016 : 11:16 AM MYTSINGAPORE (April 19): Palm oil is expected to test a resistance at RM2,716 per tonne, a break above which could lead to a gain to the next resistance at RM2,776.
These resistances are identified respectively as the 76.4% and the 86.4% Fibonacci projection levels of an upward C, the third wave of a three-wave cycle from the Aug 25, 2015 low of RM1,863. This wave could eventually travel to RM2,857, the 100% level.
A drop from the current level could be limited to the April 18 high of RM2,673.
(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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