Technicals Palm oil to rise to 2,319 ringgit
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Technicals Palm oil to rise to 2,319 ringgit
- Technicals
Palm oil to rise to 2,319 ringgit
By Reuters / Reuters | July 18, 2016 : 12:19 PM MYTSINGAPORE (July 18): Palm oil is expected to rise to 2,319 ringgit per tonne as it has cleared a resistance at 2,266 ringgit.
The resistance was provided by the 38.2 Fibonacci projection level of a downward wave c, the third wave of a three-wave cycle from the June 7 high of 2,677 ringgit. The next resistance will be at 2,319 ringgit, the 23.6% level, a break above which could lead to a gain to the 14.6% level at 2,351 ringgit.
The chance of a gain to 2,351 ringgit seems to be high as palm oil may fill a gap formed between July 5 and July 8. A break below 2,266 ringgit, now a support, could cause a loss to the 61.8% level at 2,182 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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