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Technicals Palm oil to drop to 2,341 ringgit

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Technicals Palm oil to drop to 2,341 ringgit Empty Technicals Palm oil to drop to 2,341 ringgit

Post by Cals Mon 02 Jun 2014, 23:58

Technicals Palm oil to drop to 2,341 ringgit
Business & Markets 2014
Written by Reuters   
Monday, 02 June 2014 11:07

SINGAPORE (June 2): Palm oil is expected to drop to 2,341 ringgit per tonne, as it has cleared support at 2,422 ringgit.

The support was provided by the 76.4 percent Fibonacci projection level of a downward wave C that developed from the April 28 high of 2,685 ringgit. It works as the last barrier towards the 100 percent projection level at 2,341 ringgit. This wave has a fierce character and may extend far beyond 2,341 ringgit.

A sudden rise above 2,422 ringgit will signal a false break below this level and the target at 2,341 ringgit has to be temporarily aborted. - Reuters 
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