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Technicals Palm oil still targets 2,491 ringgit
by Cals Fri 08 Nov 2013, 13:42
| Technicals Palm oil still targets 2,491 ringgit |
| Business & Markets 2013 |
| Written by Reuters |
| Friday, 08 November 2013 12:06 |
The support was provided by the 76.4 percent Fibonacci projection level of an upward wave C and the next support is at its 61.8 percent projection level. The current correction may end around 2,491 ringgit, about the neckline of an inverted head-and-shoulders.
A deeper drop below 2,491 ringgit could extend to 2,449 ringgit, the 50 percent level, and the inverted head-and-shoulders pattern will be violated.
** 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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