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Technicals Palm oil to fall to 2,513 ringgit
by Cals Wed 21 May 2014, 01:44
| Technicals Palm oil to fall to 2,513 ringgit |
| Business & Markets 2014 |
| Written by Reuters |
| Tuesday, 20 May 2014 11:30 SINGAPORE (May 20): Palm oil is expected to fall to 2,513 ringgit per tonne, as it has broken a support at 2,554 ringgit. The support was provided by the 38.2 percent Fibonacci projection level of a downward wave C, which started at the April 28 high of 2,685 ringgit. This wave is capable of travelling to 2,472 ringgit, the 61.8 percent projection level. An immediate target will be 2,513 ringgit, the 50 percent level. A gain from the current level will be regarded as a pullback towards 2,554 ringgit. Only a further surge above 2,575 ringgit could signal a false break below 2,554 ringgit. - Reuters |
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