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Technicals Palm oil to hover above 2,613 ringgit

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Technicals Palm oil to hover above 2,613 ringgit Empty Technicals Palm oil to hover above 2,613 ringgit

Post by Cals Tue 08 Apr 2014, 12:58

Technicals Palm oil to hover above 2,613 ringgit
Business & Markets 2014
Written by Reuters   
Tuesday, 08 April 2014 11:43

SINGAPORE (April 8): Palm oil may hover above a support at 2,613 ringgit, as a rebound from the April 3 low of 2,597 ringgit could have extended.
The support has been established around the 76.4 percent Fibonacci retracement on the rise from the Jan. 28 low of 2,519 ringgit to the March 11 high of 2,916 ringgit
An upward wave 4 has been triggered, which failed to travel to a resistance at 2,671 ringgit, the 61.8 percent retracement. Despite its extension, this wave may not approach 2,671 ringgit again.
A fall below 2,597 ringgit will confirm a break below 2,613 ringgit and the 2,519 ringgit will be targeted. - Reuters 
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