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Technicals Palm oil still targets 2,220 ringgit

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Technicals Palm oil still targets 2,220 ringgit Empty Technicals Palm oil still targets 2,220 ringgit

Post by Cals Wed 06 Aug 2014, 01:08

Technicals Palm oil still targets 2,220 ringgit
Business & Markets 2014
Written by Reuters   
Tuesday, 05 August 2014 12:30

SINGAPORE (Aug 5): Palm oil is poised to break a support at 2,250 ringgit per tonne and fall more towards 2,220 ringgit, as indicated by its wave pattern and a falling wedge.
The contract is riding on wave 5, the fifth wave of a five-wave cycle that developed from the June 25 high of 2,511 ringgit. A part of this wave, along with the preceding wave 4, has been shaped into a wedge, which is a typical bearish pattern.
A Fibonacci projection analysis on the target of the preceding wave 3 reveals the support at 2,250 ringgit, the 138.2 percent Fibonacci projection level, a break below which will be confirmed when palm oil drops to 2,245 ringgit. - Reuters 
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