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Technicals Palm oil to fall to 2,106 ringgit
by Cals Thu 09 Apr 2015, 22:55
Technicals
Palm oil to fall to 2,106 ringgit
By Reuters / Reuters | April 9, 2015 : 11:26 AM MYT
SINGAPORE (Apr 9): Palm oil is expected to drop more to its Jan. 30 low of 2,106 ringgit per tonne, as indicated by a Fibonacci retracement analysis.
The contract has fallen to the support at 2,146 ringgit, the 86.4 percent Fibonacci retracement on the rise from 2,106 ringgit to the March 4 high of 2,400 ringgit. This support will be the final barrier towards 2,106 ringgit.
Palm oil has tried several times to break this support and may succeed this time, based on its strong bearish momentum. Strategically, a drop to 2,140 ringgit is still needed to confirm the break.
A rebound from the current level could be limited to 2,160 ringgit, a resistance established by an ascending trendline.
** 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 fall to 2,106 ringgit
By Reuters / Reuters | April 9, 2015 : 11:26 AM MYT
SINGAPORE (Apr 9): Palm oil is expected to drop more to its Jan. 30 low of 2,106 ringgit per tonne, as indicated by a Fibonacci retracement analysis.
The contract has fallen to the support at 2,146 ringgit, the 86.4 percent Fibonacci retracement on the rise from 2,106 ringgit to the March 4 high of 2,400 ringgit. This support will be the final barrier towards 2,106 ringgit.
Palm oil has tried several times to break this support and may succeed this time, based on its strong bearish momentum. Strategically, a drop to 2,140 ringgit is still needed to confirm the break.
A rebound from the current level could be limited to 2,160 ringgit, a resistance established by an ascending trendline.
** 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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