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Technicals Palm oil to find support at 2,600 ringgit

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Technicals Palm oil to find support at 2,600 ringgit Empty Technicals Palm oil to find support at 2,600 ringgit

Post by Cals Tue 26 Nov 2013, 16:20

Technicals Palm oil to find support at 2,600 ringgit
Business & Markets 2013
Written by Reuters   
Tuesday, 26 November 2013 11:57
SINGAPORE (Nov 26): Malaysian palm oil is riding on a steady uptrend and may find support at 2,600 ringgit per tonne before resuming its rise.
The trend has been driven by a powerful wave C, which is capable of travelling to 2,812 ringgit, its 150 percent Fibonacci projection level. An inverted head-and-shoulders that formed from May 3, 2013 to Sept. 26, 2013 points the same target.
The drop from the Nov. 22 high of 2,692 ringgit is considered as a pullback towards support at 2,630 ringgit, only that, this pullback has been overdone. - Reuters 
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