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Technicals Palm oil to retrace to 2,764 ringgit

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Technicals Palm oil to retrace to 2,764 ringgit Empty Technicals Palm oil to retrace to 2,764 ringgit

Post by Cals Wed 12 Mar 2014, 12:36

Technicals Palm oil to retrace to 2,764 ringgit
Business & Markets 2014
Written by Reuters   
Wednesday, 12 March 2014 11:30

SINGAPORE (March 12): Malaysian palm oil may fall to 2,764 ringgit per tonne, as indicated by a Fibonacci retracement analysis.
A deep correction has started, as confirmed by the sharp fall from the Tuesday high of 2,916 ringgit and the reversal of the daily RSI. A Fibonacci retracement analysis on the rise from the Jan. 28 low of 2,519 ringgit to 2,916 ringgit reveals an immediate target at 2,764 ringgit, the 38.2 percent level.
Resistance will be at 2,916 ringgit, only a break above which could confirm the extension of the preceding uptrend towards 3,041 ringgit, the 100 percent Fibonacci projection level of an upward wave c that started at the Jan. 13 low of 2,486 ringgit.
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