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Technicals Palm oil to test support at 2,146 ringgit
by Cals Wed 01 Apr 2015, 22:56
Technicals
Palm oil to test support at 2,146 ringgit
By Reuters / Reuters | April 1, 2015 : 11:35 AM MYT
SINGAPORE (Apr 1): Palm oil is expected to test support at 2,146 ringgit per tonne, a break below which will lead to a further loss to 2,106 ringgit.
Support is provided by the 86.4 percent Fibonacci retracement on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit, temporarily blocking the way towards 2,106 ringgit.
From March 18, palm oil has been consolidating within a triangle which is contracting to a point. A sharp drop is due, as this pattern could be bearish, considering it followed a downtrend.
Resistance is at 2,190 ringgit, established by the upper trendline of the triangle, a break above which may lead to a limited gain to 2,218 ringgit, the 61.8 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
Palm oil to test support at 2,146 ringgit
By Reuters / Reuters | April 1, 2015 : 11:35 AM MYT
SINGAPORE (Apr 1): Palm oil is expected to test support at 2,146 ringgit per tonne, a break below which will lead to a further loss to 2,106 ringgit.
Support is provided by the 86.4 percent Fibonacci retracement on the rise from the Jan. 30 low of 2,106 ringgit to the March 4 high of 2,400 ringgit, temporarily blocking the way towards 2,106 ringgit.
From March 18, palm oil has been consolidating within a triangle which is contracting to a point. A sharp drop is due, as this pattern could be bearish, considering it followed a downtrend.
Resistance is at 2,190 ringgit, established by the upper trendline of the triangle, a break above which may lead to a limited gain to 2,218 ringgit, the 61.8 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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