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Technicals Palm oil still targets 2,692 ringgit

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Technicals Palm oil still targets 2,692 ringgit Empty Technicals Palm oil still targets 2,692 ringgit

Post by Cals Fri 29 Nov 2013, 18:04

Technicals Palm oil still targets 2,692 ringgit
Business & Markets 2013
Written by Reuters
Friday, 29 November 2013 11:00

SINGAPORE (Nov 29): A bullish target at 2,692 ringgit per tonne remains unchanged for Malaysian palm oil, as its correction from this Nov. 22 high has completed.

The correction is classified as a pullback towards a support at 2,630 ringgit, the 100 percent Fibonacci projection level of an upward wave C. The quick recovery of the price from the Tuesday low at 2,602 ringgit has confirmed the resumption of the uptrend.

A drop below the support at 2,630 ringgit will signal an extension of the correction towards 2,602 ringgit. - Reuters
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