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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 Thu 12 Jun 2014, 03:00

Technicals Palm oil to drop to 2,341 ringgit
Business & Markets 2014
Written by Reuters   
Wednesday, 11 June 2014 11:46

SINGAPORE (June 11): Palm oil is expected to drop to a support at 2,341 ringgit per tonne, a break below which will lead to a further loss towards 2,260 ringgit.
The support is provided by the 100 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 extending below 2,341 ringgit, to reach 2,260 ringgit, the 123.6 percent level.
A closer study on the wave C reveals that oil could be still riding on a wave 3, the most powerful wave of the five component waves that make up the wave C. This wave has a fierce character and may not be disrupted by a bounce until palm oil reaches 2,341 ringgit. - Reuters 
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