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Technicals Palm oil to retrace to 2,395 ringgit

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Technicals Palm oil to retrace to 2,395 ringgit Empty Technicals Palm oil to retrace to 2,395 ringgit

Post by Cals Thu 05 Jun 2014, 20:17

Technicals Palm oil to retrace to 2,395 ringgit
Business & Markets 2014
Written by Reuters   
Thursday, 05 June 2014 12:44

SINGAPORE (June 5): Palm oil may retrace to 2,395 ringgit per tonne, as it failed to break a resistance at 2,446 ringgit.
The resistance is provided by the 138.2 percent Fibonacci projection level of a downward wave 3 that started at the May 15 high of 2,630 ringgit. The failure indicates a completion of the wave 4, or the first leg of this wave.
Either the downtrend has resumed, or the second leg of the wave 4 has started towards 2,395 ringgit. A break above 2,446 ringgit will be confirmed when palm oil climbs above 2,455 ringgit and the 100 percent level at 2,497 ringgit will be targeted. - Reuters 
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