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Technicals Palm oil may retrace to 2,406 ringgit

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Technicals Palm oil may retrace to 2,406 ringgit Empty Technicals Palm oil may retrace to 2,406 ringgit

Post by Cals Mon 21 Oct 2013, 13:57

Technicals Palm oil may retrace to 2,406 ringgit
Business & Markets 2013
Written by Reuters   
Monday, 21 October 2013 11:01
SINGAPORE (Oct 21): Malaysian palm oil faces resistance at 2,449 ringgit per tonne and may retrace to 2,406 ringgit.
Resistance is provided by the 50 percent Fibonacci projection level of an upward wave C which started at the Sept. 26 low of 2,267 ringgit. Palm oil opened with a gap on Monday and may fill this gap by retracing to the 38.2 percent retracement at 2,353 ringgit.
A rise to 2,461 ringgit could confirm a break above resistance, and the next resistance at 2,491 ringgit will be targeted. - Reuters 
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