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Technicals Palm oil may test RM2,428
by Cals Sat 25 Jun 2016, 20:32
- Technicals
[size=28]Palm oil may test RM2,428
By Reuters / Reuters | June 24, 2016 : 11:35 AM MYTSINGAPORE (June 24): Palm oil may test a resistance at RM2,428 per tonne, as suggested by its wave pattern, the hourly MACD and a Fibonacci retracement analysis.
A five-wave cycle from the June 7 high of RM2,677 could have completed, as indicated by its pattern and the bullish divergence on the hourly MACD.
A Fibonacci retracement analysis on the cycle reveals a resistance at RM2,428, the 23.6% level, a break above which could open the way towards the 38.2% level at RM2,476.
A break below the June 23 low of RM2,351 could cause a loss to RM2,310.
(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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