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Technicals Palm oil targets 2,597 ringgit

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Technicals Palm oil targets 2,597 ringgit Empty Technicals Palm oil targets 2,597 ringgit

Post by Cals Fri 07 Feb 2014, 11:35

Technicals Palm oil targets 2,597 ringgit
Business & Markets 2014
Written by Reuters   
Friday, 07 February 2014 11:27

SINGAPORE (Feb 7): Malaysian palm oil may break resistance at 2,581 ringgit per tonne and rise more to 2,597 ringgit, driven by a powerful wave c.
This is the third wave of a three-wave cycle that developed from the Jan. 13 low of 2,486 ringgit. It is capable of travelling to 2,623 ringgit, the 100 percent projection level.
Palm oil has successfully cleared resistance at 2,569 ringgit, the 50 percent level and may rise faster, as the wave c has a fierce character. A dip from the current level may be limited to 2,569 ringgit. - Reuters 
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