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Technicals Palm oil to hover below RM2,486

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Technicals Palm oil to hover below RM2,486 Empty Technicals Palm oil to hover below RM2,486

Post by Cals Tue 29 Oct 2013, 12:34

Technicals Palm oil to hover below RM2,486
Business & Markets 2013
Written by Reuters   
Tuesday, 29 October 2013 12:14
SINGAPORE (Oct 29): Malaysian palm oil still faces a resistance at 2,486 ringgit per tonne and may hover below this level for one trading session.

The resistance is provided by a horizontal line passing through the Aug. 28 high of 2,486 ringgit, strengthened by another resistance at 2,491 ringgit, the 61.8 percent Fibonacci projection level of an upward wave C.

Support is at 2,426 ringgit, a break below which will confirm a small double-top, pointing to a target at 2,370 ringgit.

The 76.4 percent Fibonacci projection level at 2,544 ringgit will be targeted should palm oil climb above 2,500 ringgit.
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